Y-yeah... Peacebonding just marks a prop weapon that looks somewhat real, so attendees, staff, police, etc. can recognize from a distance that it isn't an actual weapon. Kind of a marker that it passed an inspection, I guess.
It's also kind of a contract since when you get it peacebonded, you promise the staff that you won't use the 'weapon' recklessly or hurt someone with it, so then they don't need to give you a warning to take it away from you later on.
... At least, I suppose that's what peacebonding is for.