What does the Peak bugle do?

What is the Peak bugle used for? Waking up on that beach, you're surrounded by all kinds of equipment that is both extremely useful and, well, not. The Bing Bong cuddly toy isn't going to stop you from falling to your death, or freezing to death, or... well, you get the point. One item you'll find when waking up in Peak is the bugle, but what is it used for?

So many items have a use case in Peak - the Cursed skull, for instance, can be a game-changer if used correctly. The bugle, however, doesn't seem to be useful at all, unless you want to annoy your friends (which we do). Here's what it does, and a special variation you can find along the way.