Hi Skunked,
When Spyderco first began making their sheepfoot serrated folders in 1982, there were 2 versions; the "Mariner", made from AUS-8 and the "Paramedic" made from Gingami-1 (Gin-1).
The goal was to provide very high powered cutting ability in a folder. At the time, trauma shears were readily available and the rescue "hooks" were coming on scene, both created for the EMT/Paramedic.
The early sheepfoot folders evolved over the next 20+ years through a variety of steels. sizes, handles, etc. and currently there are several models, sizes and steels. They eventually became known as "Rescue" knives.
Over the years, many companies have produced serrated "blunt tip" rescue knives for the same very high powered cutting ability.
While many think of "Rescue" as EMT/Paramedic activity, in reality, there are many rescue situations that are far removed from the ambulence. My wife is an EMT and helped with the early designs, but our approach was a larger need.
Situations in and around boats where a line or net has someone trapped and the line, usually strong, thick and tough, must be cut immediately to save life or limb. "Rescue" knives had been used countless times in these situations, where a trauma shear or "hook" would have been difficult.
Situations around animals, livestock, horses, where again someone is trapped, or tied to an animal and must be immediately "cut" out of the situation. Rodeo clowns all carry "Rescue" knives. Trauma shears or hooks would be too slow or unable to cut the rope. The blunt tip assists in not cutting the rider or animal.
Fire Workers and Law enforcement professionals often carry serrated sheepfoot knives for that same immediate high cutting power resource. The blunt tip does make it easier to avoid cutting where you don't want to.
We've heard more than one story of a scuba diver cutting their way out of a net with Rescue knives.
I have personally, on several occasions, had to cut someone out of a car (as a bystander) where the car was on its side, the passenger was unconscious and laying on the seat belt clasp and the vehicle was pouring gasoline. I don't as a rule carry trauma shears or hooks. I did have a serrated folder with me.
Military pesonnel will often carry serrated blunt tip "rescue" models as an all purpose "cut your way out of trouble" tool.
Rescues are performed everyday by people that are not necessarily EMT/Paramedics. Rescue is not limited to those people. Since EMTs & Paramedics are doing it more often, they carry those tools as part of their gear.
hope that helps broaden the perspective of REscue knives.
sal