The deconstructor is one of the late-game items available through the 1.5 update. When you place a crafted item in it, it will provide you with the most valuable resource in its recipe.
You can, for example, buy resources that would otherwise be unavailable for purchase. For example, you can destruct Grass Starter purchased from Pierre for 10 fibers. You can deconstruct a Warp totem for one honey at the casino. Regardless of its durability level, Tackle will always provide the same amount of resources. So, for example, you could craft a Treasure Hunter or Trap Bobber and use it almost all the way up before deconstructing it to recover all of the crafting materials.