Could there be a bit missing? It might be a part of something more elaborate. Maybe somebody else bought the other part and is wondering what it's for.
Very likely, else the use is so eclectic, we cannot imagine it without the common items intented to be held.
It is almost unquestionably a rack, but for what purpose? When I bought it, the weight of it made me buy it, thinking it would indeed be useful once I discovered its purpose, and that it was certainly hard to come by if I had never seen one before. I'm in the habit of buying upscale organizers and kitchen things that come from Williams Sonoma or snobby catalogs, before their owners or their surviving kids donate them to thrift stores.
To your menorah suggestion, I do own a wrought iron rack that holds votives that are not round, but square, and heavy, and custom made for the rack. It was designed to go in the center of a table, on a mantel, on a hearth, or similar. Without the votives, it would appear strange.
Along those lines, I have another art piece that is meant to be an elaborate vase collection, which is a series of seven open metal tubes, joined with hinges, that hold longer and taller glass tubes to place flowers or vines and then stand, allowing the owner to make an S curve, a bow, or a straight line. It's very possible this rack is the base of some floral display, and the glass tubes are missing, which would make a floral arch on an altar, table, or anywhere. I have seen wooden racks for such a purpose at flower shows.
I still think it likely the loops are an illusion to us seeing it as an empty rack. We imagine them containing handles, or necks of bottles, or the stems or flowers, or the base of long feathers, grasses, etc. But, I think it more likely they are only loops to make them not damage what they hold between them and the next loop, such as rolls of terrycloth towels, wooden somethings, or anything that might be gouged or scratched.