welcome! ive got the same console and what i could figure is it for cd cases, mines got an elastic strap across the back so nothing slides out when opened, quite useless considering the cd holder under armrest... typical chevy, at least blazers have cup holders lol

 

yeah, its for cd cases. there is one for your sunglasses and there is one with a big button on it for the garage door opener i believe.

welcome from so cal.