The tip hanger is a slot for the tab on the tip - so it could be quickly assembled.
It also allows some adjustment fore/aft depending on tolerance stack-up, though I doubt the factory guys sweated that detail.
On my original '69 RR, the tips are about 1.25" proud of the bottom corner of the bumper where it folds under/forward.
I say "about" because they're not exactly the same; left one measures 1.125", right is 1.25".

What's odd is that over the last 50 years, I've seen some that aren't level, but clocked at an angle, as though either the tab or hanger were twisted.
Some of those were on new or untouched cars.