The Item Object Visualizer is meant for the Item Object to take shape in the game world.
This is done by swapping the model/sprite of the Item Object when a new Item is bound to it. The model/sprite prefab can be set as an attribute on the Item. This allows us to pool the main Item Object prefab (Item Pickup, Weapon Item Object, etc.) and reuse it efficiently by simply swapping the model/sprite which can also be pooled.
An Item View may also be referenced for world space UI.
A similar component called the Inventory Item Visualizer does the same thing but for the first Item found in an Inventory instead of an Item Object.