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It looks like it's the air intake coming off the front grill, right next to the radiator. It's secure on the front of the truck, but where it attaches at the top right of the picture the tab appears to be gone so it wobbles. Badly.
It is an air intake tube. It is supposed to pop into the bottom of the airbox/ air filter housing. I can't tell from that picture- is the factory air box still there?
460s & 300s use the same duct assembly. Usually $5 used. Us 5.8 & 5.0 guys use them because ours are a goofy over the radiator version & less of a straight shot to the filter.