I think you might be on the right track. The jaws are on the outside of the tool and they slant back toward the other end of the tool (round end), suggesting they would grip when the tool was pulled. The tool does not twist to tighten; but, it does spread open when the round/rocket tail end is pulled, or the spring is compressed (see below). The grip pressure is limited to the users pulling power.
The round/rocket tail end contains a spring. It appears the compressed spring serves to apply constant grip pressure. For example, if I were to insert this tool into a pipe, then depress the round end, the jaws would (maybe) open to the inside of the pipe, then the spring pressure would maintain the grip pressure.
The tool does not really have a good handle (thus my reference to the round end), so the user would not be able to pull very hard to retrieve the tool.