Can anyone tell me what this is?? 1987 F250 5.8L 2wd, auto trans

 

Looks like an AIR (smog) pipe to add fresh air to exhaust manifold to help gases further combust after they leave the head. The bowl-shaped thing is a check valve that only allows air to go in one direction (to exhaust manifold).... don't know how this was implemented in the 80s so that is the extent of my knowledge

Looks like the hose is just cut off? No air pump on the vehicle?

 

Yes the hose is cut then plugged. There is no air pump that I can see. There is another plugged pipe on the opposite side of the engine. I will post a pic of it...

 

On my later 351 (94) the air pump is on the front bottom right, below the alternator and tensioner pulley. Looks like someone may have removed yours. You can remove this pipe and plug the holes with the right size bolts, if the condition of the manifold allows. Might not do so well on an emissions test though.