Concours judges can't see down there to check. Mine came with it on from new. I removed it when I did my restoration from 1987 to 1990. I had my timing chain cover painted and didn't put any new "stuff" on. It looks somewhat like "gravel guard" that some people used about 10 - 15 years ago on the outer sills or rockers below their doors and also under their fenders. But it was, as Art says, it is more "bumpy and lumpy" than "gravel guard".
I never felt that there was any increase in the noise level without it. I suppose that it was to reduce the noise of a loose timing chain when the tensioner gets weak or worn. But then I change the tensioner for my timing belt about every 30,000 to 45,000 miles.