Apparently not. It's a product that has roots both in Asia as well as Ireland. In Asia it's used to hold up "loose socks", oversized socks worn by Japanese schoolgirls. While one site selling the socks listed them at approximately 27 inches long, in a Youtube video showing how to wear loose socks, they appear significantly longer.
In Ireland they're used for competition Irish dancing, where participants' socks must stay in place and should be exactly the same height as others on their team. One blogger tells the story of an Irish dancer loaning them their sock glue to a gymnast, only to realize that gymnasts don't wear socks. It's used to prevent "mid-floor routine wedgies" and called Butt Glue.
Loose socks image used with permission from markii187
Dancers image used with permission from OZinOH