The creature was originally intended to be in the 1931 film by RKO studios Creation, the parent film of King Kong. In the film, a luxury yacht crashes on an island filled with prehistoric beasts. The Arsinotherium was meant to chase the sailors onto a log bridge over a ravine. It would dislodge the log bridge, sending it and all the sailor into the ravine very much like Kong did in the King Kong film.
When evolution was cancelled, the creature was then meant to appear in King Kong, and was given a similar purpose of chasing the sailors onto a log bridge over a ravine. The sailors were meant to be trapped on the log bridge between two giant beasts (Kong and the Arsinotherium), explaining why they wouldn't have simply run back accross the bridge after seeing Kong approach. The beast was later removed from the film and replaced by a Styracosaurus, before the scene was cut from the film entirely.