What's the point of six monthly inspections?

This M16 Stainless Steel (Grade 316) Eyebolt looks like it has been attacked by a lunatic with a grinder, or perhaps corroded by acid, or maybe subjected to a massive overload but it hasn't. It has simply been subjected to the wear and tear of a gym punch bag. I was amazed that a substantial fitting like this could have worn through but it is a regular occurrence in gymnasiums. Just imagine an eyebolt on the stem of a yacht...