Mine smells like that too..too overwhelming so I took out the rubber straps immediately and switched to leather..trying to find a way to wash that horrid smell off..
If you read through the thread, you'll see that I came to the conclusion that it is the mold release agent that they use when molding the straps.
Rub it down liberally with isopropyl alcohol followed by a rinse under some water, rub it down again, rinse again.
It dramatically cut down the scent, and now a week later, any residual amount is worn off.
