The head can be easily removed by rotating it 90º and looks to me like another head, presumably with a different angle, can be easily substituted. The circumferential grooves in the supporting conical end suggest great force applied when in use. The wrench size (1-1/8") also implies great force.
The entire thing is steel except the head which is non-magnetic and might be beryllium-copper (just a guess). The vertical marks on the head suggest to me great force applied and if it actually is Be-CU that would make sense as that is tough stuff.
I think the whole thing is slipped into a holder of some sort then run up against something that needs to be centered but for what reason I cannot imagine.
Wow! did I write all that?