Not sure if that is an actual toy or not, but my cats used to love the little safety seal on the milk containers that looked very similar. (just a loop of plastic). They liked it because they could put it in their mouth and it would sometimes bounce away as if it was actual prey trying to escape. It all goes back to their hunting nature.

Skitters across the floor easily, is light enough to carry in their mouths, and throw around. Makes a funny noise on certain floors. It doesn’t have to look like something they would naturally hunt. Oddly, my cats don’t really like things that look like their prey. Their favorite toys are some plastic springs, ice cubes, and these feather teasers, but only once they have chewed all the feathers off and all that’s really left is the plastic body and a nub of feathers (they fly well, are easy to carry, and skitter across the floor well)

Short answer? Cats are weird little critters.

While play does draw from their hunting instincts, in my experience, sometimes they really are just trying to have fun. In this case, my cats have liked similar things because of how light and easy they are to bat/toss around (vs other toys, like stuffed animals, where they don’t throw them into the air nearly as much).