I have that exact panel,with a coordinating plaid fabric, which makes me think it was supposed to be a wall hanging.
I bought someone else's stash, and the panel was in it, so don't know what it was meant to be. it really doesn't matter what it was meant to be, just what it becomes! I plan to make it into a large lap or small twin size quilt. I'll add some of the colors in the panel, as well.