It's an old-style trailer brake control. The newer ones are inertial, and don't have the hydraulic line attached. It's for controlling electric brakes on a travel trailer, etc. If you try to use the control unit with the hydraulic line attached on an anti-lock brake system, it will disable the anti-lock feature. The hand knob is used to apply the trailer brakes only, without using the tow vehicle brakes, a good feature for dampening out a sway, etc.
Jerry