Report from VCZ, the cable is for direct connection between the GPU and PSU. It will shut down the PSU GPU but not the entire PC when a sustained limit is hit. You can connect a USB cable to it for live monitoring and setting custom limits.
EDIT: typo

videocardz.com
EDIT: typo

Cybenetics "Anti-Melt" GPU cable prototype aims to protect all 12V-2x6 connectors - VideoCardz.com
The accessory nobody asked for, but 12V-2x6 GPUs may need it Cybenetics Labs has a prototype "anti-melt cable" for 12V-2x6 graphics cards, but it is not
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