It's a mermaid sculpture. On a big rock. But I think it's a bit more than that. Like the best artwork in remoter places it's a focal point for visitors to travel to and appreciate the beauty of the shore and seascape. I imagine amongst the locals there will be dismissive cynics but I bet there are far more people who love the mermaid and appreciate the beauty and the setting.
An awful sculpture put here for the sole purpose of putting this otherwise mediocre town on the NC500 map. There's no reason to visit this place at all once you've seen a picture of the statue. It's worse in real life as it's covered in bird poo.