The soft shackle could be an issue, but not the rope/cable.Not worried about that hunk of aluminum wearing out, I'm worried about the soft shackle or rope wearing. If the ring spins on the soft shackle while winching, its wearing out the soft shackle, period. If the ring doesn't spin on the soft shackle due to high loading, your rope is wearing out. Get it now?
Your rope would get hot if it ran continuously around it, but it doesn't. A single piece of rope is only on that thing for a few inches. A winch rope or cable will ware out eventually, but it certainly wouldn't ware out in a single outing, or even multiple winchings on a big trip.
But if the rope or cable goes out of the groove and it loses the nice, big, smooth, radius, it could fail right then and there.