I think you're right. It's decorative, and maybe also inspirational. Imagine how cool you would think it if you walked into a vintage, industrial bar and they had a backdrop like that right behind the bartender. I think it's so cool how design ideas can automatically convey emotions to you without words.
Here I see descriptors like vintage, craftsmanship, artisanship, history, iron, durability, pride, American. Big companies pay talented designers a fortune to come up with variations on the concept to subliminally convey to consumers the descriptions they want associated with their brand. Apple's minimalism in their stores is an example.
On the other hand, maybe this is the only space his wife let him do what he wants and he went wild.