CustomDoug,
You are correct. They are the remnants from when the hide goes through the splitter. There are no finished sides to them, they are a rough as a cob. Boy Scouts and the like use them to make bracelets, necklaces, and stuff like that. If the split is thick enough and stiff enough they can be used to put the ground seats in saddles. Other than that, I really do not know many more uses for them.
Frank