Not a wheel weight. Wheel weights are generally "as-cast" designs, with zero or minimal machining work. This part has a lot of expensive and unnecessary machining ops on it, no way would someone put that sort of time and money into a wheel weight design.
Looks like something designed to engage and spin another part, given the hex broach with intersecting pin socket on ID and two machined splines on OD, with corresponding attachment holes. The guess at drilling rig hardware seems reasonable.
That said, if you could find a matched pair, I've seen people use things much worse than that, as wheel weights.