This is a kind of color marker (used in Android Wear).
They are used to indent from the main content to the actual border:
Here are some examples here .
This image is with two inserts: circle / square.

They can also be used in other views to handle specific rendering requirements, for example, in ScrollView : where to put the current scroll can be determined using innerInset, as indicated in this question .
<ScrollView android:id="@+id/view2" android:layout_width="100dip" android:layout_height="120dip" android:padding="8dip" android:scrollbarStyle="insideInset" android:background="@android:color/white" android:overScrollMode="never">
Evin1_
source share