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Maybe...
....right.
As in the photo, there is also an up and down scope adjustment knurled knob that threads into the upper assembly from the bottom where the scope mounts.
With the vertical height adjustment tube lowered to the extreme bottom, that "spacer" is slightly longer than the distance between the bottom of that knob and the top of the legs. Might be there just to prevent that knob from hitting the leg tops if rotated.
There are actually four knurled "functional" knobs counting the one on the bottom of the vertical adjustment tube base. They may have possibly knurled it to match the others knobs just for for appearance.
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