What's the strap rated for?
It looks like that winch has lost one of the mounting bolts and is about to break off the arm.
This pic was taken the day we bought and needed to move the boat/trailer. So we improvised and used the come along strap as backup since the wench strap was dry rotted. We lucked out the didn't lose the boat in tow.
Noizmaker, you should never use the winch strap to secure the boat for towing; it should only be used for loading/unloading the boat on the trailer. You should have a separate safety chain to secure the boat to the winch stand for travel.