Well, my guess is your truck is an 83-86, maybe an 87, but that is the water separator used along with the 6.9 style fuel filter, with no heater in the header, and no aluminum bowl on the bottom of the filter. This is mounted on the firewall over by the brake booster, correct?
Most times it's bypassed because the first time the ring is pulled to drain the water, it causes a constant air leak. Take a picture of the fuel filter and header, it may have been swapped out with a 7.3 style header and filter, that has the built in water separator. Hopefully that's what's been done, otherwise if this has just been bypassed and if the factory 6.9 filter is still being used, and not other added filters, then you have no water separator in your fuel system.