This is a type of silicone coated webbing. It has polyester braided webbing as the inner webbing, while outer coated with silicone layer. The silicone layer is embossed with leather texture. Because the layer is matte, the leather texture silicone coated webbing looks really similar to real leather strap.
However, silicone coated webbing owns better property than leather strap in some ways.
The first one is water resistance. As we know, silicone is a kind of high quality plastic. So silicone coated webbing is waterproof. You can soak silicone strap into water for a long time and finally find it won't have any change. But if you treat the leather strap like this way, the leather strap must be broken. No matter for real leather or PU leather.
Secondly, silicone coated webbing can keep soft and flexible even in low temperature at -20 degrees. But leather strap would become hard or broken with a high probability.
So more and more designers choose silicone coated webbing rather than leather strap for their products. Especially for outdoor gears, waterproof bags and luggage. Some customers also choose coated webbing for their fashion bags.