That’s your VIC Servo. It opens at around 5000rpms to allow air to take a shorter route through the plenum. If not functional you’ll lose significant low end torque and the engine may run rough. Some people I’ve heard of removing them. Turbo models don’t have them. But they are necessary for proper functioning of the engine.
On 3Si you can buy new retainer pins to hold the clip in place.
If your running rough though, check the easy stuff first. Common issue that I just fixed myself was and IAC. It was 50 bucks for a new one. Took ten minutes to install.
You are a god. Thank you so much for all the great info. The clip at the bottom actually cracked and broke off - this explains why i have terrible low end torque at the moment (it’s not connected). Time to find a replacement module & connector. Thank you!!