It's a pretty soft steel. I think it's used more for tensile strength than for bending strength. It might work, it just looks like 1/4 inch tubing you're trying to bend back into shape.

I'm willing to bet rebar would bend. A piece of steel black pipe a couple feet long would probably do it. No idea what the cost of that is tho. A piece of angle iron would do it too.

Get a slightly smaller piece of wood or metal that fits inside the bend piece, or a piece of pipe that's bigger to fit over top. Use the new piece of wood/pipe as leverage to bend tbe piece back. Odds are the paint is going to chip away there.