Rear bumper key cyclinder
If it’s the same as the 12th gen trucks, it’s to prevent your spare from getting stolen. When you have to use the spare, you remove that cyl with your key. Then you can insert the rod from your jack kit to lower the spare.
Which is explained in your manual. I would strongly recommend you learn how to lower your spare so you're not discovering that at 2AM on a back road in the rain. And make sure it's got plenty of pressure in it. I top mine off every 6 months to 40.
If it is anything like the one I had on my Ranger, it is not the same key as the ignition key, it was a totally different key that was about four inches long and the actually key part was about 1 1/2 long and single sided.







