Hi everyone,
If your guardrail is galvanized, the holes are there to prevent a build up of the presure inside the tube when the gaurdrail is dipped in the galvanizing stage. If the holes were not there, the guardrail would blow up like a plugged canon.
However, many of the machines used in cutting (shearwise) the tubes for guardrails have a sort of protuberance in the cutting blade which automatically makes that hole, thus saving the trouble of making those holes with a torch, which does not make a very clean job.
Have a good one everyone.