So I believe that statue is a Fetish, specifically one to the god of Fertility.
A Fetish more so in the god/spirit-related way, like a talisman kinda thing.
In-game this basically means that each new day it gives the carrier or everyone in the same room as it a certain amount of karma, and triggers fetish-type divine actions which consume said karma to activate certain effects.
In the case of the god of Fertility, I think they spend the karma each night to increase the Fertility stat, the testicles’ production rate, bust size, butt size, legs thickness, and the size of genitalia.
Currently I don’t think there’s any use to it outside of that?
So another similar object in the game is the shrine you find a bit outside the town gate, which is a shrine to the god of Travel. This one I believe instead gives you karma when you donate to it, and uses that karma to give you a warning message about the bandit keeping watch outside the camp when you’d be about to run into them.