Thread: Why this flashing?

Slab on grade home. There is a metal flashing or covering around the base of the home covering the normally visible area of the foundation. This metal is not present around the garage area. Some areas are rusted and deteriorated.

What is this for???

I did note in my WDI report that the foundation area was not visible and that this covering may conceal termite intrusion. Is there anything else about it that I should be concerned about?

Thank You in advance.

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That might be a protective cover for slab perimeter insulation. This is a really good idea energy wise but stupid, IMHO, when in an area subject to termite activity.