Lens hoods are primarily designed to prevent unwanted stray light from entering the lens by extending and shading the end of the lens. In addition, since the end of the lens is extended, you also get the added benefit of some extra protection from accidental impact.

Dedicated lens hoods are designed to match the specific focal length of the lens it was designed for.

This lens hood in particular was designed for the Canon EF 75-300mm f/4.0-5.6 IS Lens.