Mystery part...
So funny, I found that too last week, didn't remove it but was going to take a picture and post it here asking what it was too. Glad you already did, I am definitely curious to as there isn't one on the other side.
EDIT: Found it, it is a Damper Assembly. Suppose to help bouncing of the bed. Retail is, get this.......$506 but at Tasca you can get it for only $335, lol
Better put that expensive part back on!!
TSB for it (guess Ford decided to keep it on for future years):
Tsb 07-5-11 Vibration/hop At 40-48 Mph - (8.0 Hz) - Trailer Hitch Equipped Vehicles Only
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FORD:
2005-2007 F-Super Duty
ISSUE:
Some 2005-2007 F-Super Duty vehicles with a long wheelbase of 156", 158", or 172" (396, 401, or 437 cm) and equipped with a trailer hitch may exhibit a vehicle vertical vibration, often described as "hopping", on smooth or coarse road surfaces in the 42-48 MPH (68-77 Km/h) speed range. Although this behavior is considered normal for an over 8500 GVW truck, some customers may be sensitive to the concern.
ACTION:
To improve the 42-48 MPH (68-77 Km/h) vertical vibration, follow the instruction sheet included in the Damper Service Kit.
NOTE: THE INSTALLATION OF THIS DAMPER WILL NOT IMPROVE RIDE ON SEGMENTED CONCRETE HIGHWAYS, STEERING WHEEL VIBRATION/SHIMMY, OR GENERAL HARSH RIDE CONCERNS.
PART NUMBER PART NAME
5C3Z-5D008-A Damper Service Kit
WARRANTY STATUS:
Eligible Under Provisions Of New Vehicle Limited Warranty Coverage
IMPORTANT: Warranty coverage limits/policies are not altered by a TSB. Warranty coverage limits are determined by the identified causal part.
OPERATION DESCRIPTION TIME
070511A 2005-2007 F-Super Duty With Trailer Hitch: Install The Damper Service Kit. 0.6 Hr.
DEALER CODING
BASIC PART NO. CONDITION CODE
5D008 42