What is this?

[dlandersson]

I have a 2007 Lexus GX470. I have the rear bumper cover part that covers the trailer hitch. I assumed there was a trailer hitch (didn't look closely).

Went to put on a bike rack (got kids) and found this instead. Anyone know what it is?

[Lexus Owners Club]

Looks like an attachment point for a tow bar installation.

However, it would definitely benefit from a good wire brushing and corrosion inhibitor applied to it