What is it used for? It's so big, it looks like some kind of blunt weapon. Hammering nails?! Crack coconuts open perhaps??
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I bought this Moshi cable:
https://www.amazon.de/dp/B01D64WBIU/
I can't find it on amazon.com, just on .de. It promises the same as the orange/green LED, but it's really not. Basically it just displays a green LED when it's connected but no power is flowing over the cable. That only happens when the laptop lid is closed and the battery is charged.
But MagSafe turns green when the battery is charged, regardless whether you're using the laptop or not.
My reasoning is that there's a bit of signaling involved with MagSafe. It has five pins. The middle pin is used by the laptop to control the LED. Since Moshi's cable has to conform to the USB-C standard, and the new MacBooks don't put out any special signal about the battery, the cable doesn't have enough info.