I recently visited a local outfitter upon whose walls hang various pieces of vintage outdoor equipment. I was unable to identify these, or even guess which outdoor activity they might have been relevant to. None of the store employees knew for sure, either. The diameter is about 18 inches.
While I'm not sure, something that popped in my head is that it looks like it could be an early avalanche airbag system. See this history of airbags page for a picture of (one of) the first system made by Josef Hohenester. The hoops you see in the picture you have could be Bowden Cable post expansion.