Some of the old catalogs call them ratchet drills. They were typically used in conjunction with a large clamp the held it in place and provided the back pressure against the expanding end. I have often seen them with large square taper shank twist drill bits.
I have been told that they were used for drilling bolt holes in steel beams during building construction.
wvtools,
OMG I just read your post and a light bulb came on as to how it possibly maybe was used !
It doesn't have much travel (4"or so) and would have to be tight between something to start the auto advance ratchet action.
The clue you posted,...drilling holes in Steel beams !
I bet you could slip this in an "I" beam and snug it up and the ratchet advance would take over all the hard work with a stubby machine bit.
I think it is a machinist steelworker tool, and not for wood.
That would explain the sharp tip that wouldn't work with wood.
Or maybe not, off to do more research.
Thanks to everyone posting for the info !