It is a bubbler. If the drip system is underground, one pop up or similar head is installed on that zone to verify that zone is on. Otherwise you'd have no idea if it's running or not.
I use a 4" pop up head (not in a box) with the nozzle turned off. If it pops up, I know I have pressure/ zone is on.
Although it could be a broken air valve or whatever, hard to see what the nozzle is.