While one of the weakest items in the game since Smash 4, I do like using it from time to time. I had assumed it was from Zelda (mainly the first game) but it’s technically from the Mario series.
It’s a throwing item, which means you can hold it for a variable amount of time.
And you can throw it in any direction. And it will come back to you regardless of if you move or not.
It doesn’t cause a huge amount of damange, keep in mind. But it does leave your opponent stunned a little.