If they're lubricated they must be intended to rotate freely.
If mounted on a post the grease nipple would be inaccessible.
The quick release shackle looks as if it is meant to fit on quite a thin ( 5mm? ) horizontal rod or cable which suggests it wouldn't support anything too heavy.
Some sort of light rigging or antenna seems a good bet.
Oh, hold on . . . Google thinks they may be earrings!