This would allow you to create an arrow on a rope, you could fire this arrow and pull the rope to bring an item with it.
With this arrow, you can get loot that got stuck on high places or underwater or even simply bring small enemies such as chickens to you or just have an arrow you can pull back after shooting to shoot it again.
You would need a special tip for this arrow that would be quite expensive (5 or 6 ingots per tip) and as it would be quite op, you could also have a chance of breaking the rope if you pull too fast, making you potentially lose the arrow on a ledge or underwater.