What exactly do these things do that a shackle (which is often needed to make one of these work) does not? I have had a shackle on the end of my winch cable instead of a hook since about 1986. Am I doing it wrong?
I know these are popular here, and I swear I'm not trying to pick an internet argument, but these just seem to go against the general principle of not adding any more potential projectiles than necessary to the rigging. What are the for?
You are at least practicing "Closed System Winching" recovery technique, which was certainly scoffed at in 1986 and has only been accepted as common practice in most OHV communities since about 2010. Kudos. If you are using a shackle on the end of your steel or synthetic winch rope with a steel thimble, like the attached image, then yes you are not doing it as well as you could be.
Whether made of galvanized steel or 18-8 or 316 stainless steel and intended to protect the rope, it isn't strong enough for some of the forces that could be applied in recreational vehicle recovery. This type of thimble could deform from a side-load, collapse, or simply be crushed, compromising the integrity of the rope, potentially resulting in failure or worse, injury.
These "blingy" recovery thimbles you're asking about offer several features which I'll let you review at your leisure on
Factor 55's FAQ page vice reproducing them here. I wouldn't attempt to try to sell you one - you'll have to convince yourself.
Ol' watashi originally used the cheap-ass, non-rated hooks that most winch suppliers include with their steel rope and used by the majority of the OHV crowd, but always thought there had to be a better, safer way. I have been running one of their products since Mike first introduced them and have been satisfied with the product from ease of use to the high margin of safety it introduces into recovery situations. Can you do without it? Sure... until the old way you have been doing it fails, which could be the next recovery you perform or never. As Inspector Harry Callahan once posited to a client, "Do you feel lucky"? I, personally, have never been "lucky".
Are there other manufacturers out there? There are, but I'm not a retailer, just a curmudgeonly pundit.