Being an ex-Allen-Bradley employee, I will say with 90% certainty that the tool shown in the photo is for installing and removing T1.75 slide-based lamps in 16 and 22 millimeter industrial pilot light assemblies. The "install" end simply aligns the bulb so it may be pressed straight in. The "remove" end is pressed over and grasps the outside of the bulb allowing you to pull it straight out. Might indeed have some model railroad application, but was never sold for that purpose
That is a very old unit, the newer version is just a piece of small plastic tubing that snugly fits the lamps, the "install" end of those is split so it cannot grab the bulb.
