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I dont think its the ac outlet, there is a 12v one and a 110v one in the panel above that I had already removed for the picture
this slot is separate from the center dash panel
I have this same plug that is plugged into a dummy male end to apparently keep it from flopping around. The hole you have there on my truck looks like a mini storage compartment. Not really worth anything since its so small.
My truck is a crew cab and I've heard that it could be for an airbag cutoff on the smaller cab trucks.