So anyone know what this is?

As I recall, the air shocks were the cheap alternative to get clearance for bigger tires and the desired stance back in the day. Hell you had to have the Barracuda high enough to slip those N50-15 boots on! To the order of around $50 for air shocks or $200+ for springs and longer shocks from DC. I think many went the 50.

Air shocks were also a help for trailer towing with your car along with clamp on helper springs for the shocks or leafs. Some shocks are still sold with overload springs installed. Long shackles were yet another alternative.