The pointy part sits in a slight dimple but that's about it. I seriously doubt it contributes in any way to the actual retaining or compression of the bushing. Considering how much it contributes to NOT being able to get the clamp out of the way/removed and re-inserting/re-positioning it, I bet it wouldn't make any difference if one were to cut it off at the outside of the welded nut (with sufficient margin). Just think how much easier it would be to service that bushing if you didn't have to wrangle that clamp with that pointy bend making it so difficult to R&R it! Am I not thinking of something from a Mechanical Engineering perspective? Thanks, guys :)