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Attracts and controls monsters
The Monster Magnet was created by Gus and Fraido during their time at the mental institution. Gus first demonstrates the device's power during a meeting with the institution's doctors by activating it, causing a Quadro-Gob, a Locht, and a Kaiju to attack the institution.
Later, when all the captive monsters are released, Gus activates the Monster Magnet to take control of the released monsters and use them as an army with which to invade Lakewood, but the Monster Magnet goes into overdrive, allowing a swarm of Dimension Mites to escape. However, Felix is able to hack and deactivate the Monster Magnet.
It is unknown what happens to the Monster Magnet after, but it is presumably either destroyed or stored away.
Gus describes the Monster Magnet as "like a dog whistle, or a duck call, but for monsters," a fitting description for the device. When the device is activated, it can attract and/or control monsters.