This is frogman Courtney Brown towing a 55 scale model of the Titanic during the filming of the movie Raise The Titanic:

The movie was, well, about raising the Titanic from the ocean floor. Interestingly enough, because the movie was made in 1980, the wreck of the ship had yet to be found. That's why "the wreck" is in one big piece here.
That is because the eyewitnesses were told that it was impossible, and that they must have been mistaken.
That film was crap in every aspect anyway. Saw it in the 90s and even then it was cringe.
These might not be life jackets at all, but more like what we do with seat belts and airbags now.