The tow hook is required - just a question of who is going to supply it - you or the towing company.
If you have a trailer hitch, that would function for pulling you rearwards out of your situation (if that is the appropriate direction)

 

Not as essential as the Curry hook.

But seriously, I'd say it's there because it's essential in certain circumstances.
Lets face it the spare wheel is a thing of the past for a lot of standard supplied equipment so the fact it's still supplied tells you all you need to know.

 

If you want an OEM one the part number is: VOLVO-31680604

Not overly expensive at €15 in EU, but just noticed it is $34.95 in the US! Highway robbery!

 

Sounds like I will be picking up that part. Thanks for the input, everyone.

 

Where are you located? I’ve got an extra OEM one I’m happy to sell ya for the EU price lol

 

You don't need it... until you do. If you need to have the car towed, you want to have on a flat bed. And you want them to pull it up on that hook. You don't want them using their hooks on your front suspension to pull the car. It's like insurance, you don't need it, until you do

 

I visited a friend's farm a few weeks ago and had to park my SM P2 on some wet grass. No big deal as I often do this at home. But. The soil at home is very sandy and free draining whereas the soil at my friend's farm is heavy with clay and doesn't drain very well. When it came to leave, the rear wheels just span, clogged with mud and basically turned into 'slicks' and the car went nowhere. Being 2+ tons probably didn't help either!

A gentle tow with my friend's 4x4 easily solved the problem, but it would have been somewhat tricky without the towing eye, which is one of those things that you hardly ever need but when you do, you really do!