Being that it's by the suction side of the equipment it may have been put there for an eventual suction side cleaner. Is there a port in the pool that's capped off or plugged.
I had one just like it in case I wanted a suction cleaner down the road. I didn’t ask for it, or even know what it was at the time, they just installed it. Inside the pool I had what looked like a regular return without the eyeball in the middle of the long wall and they left the liner intact instead of cutting out the hole for the pipe.
You should probably cap that pipe at your earliest convenience. If you don’t do it somewhat soon you will long forget by next winter. Stick a short piece of garden hose down past the first bend in the pipe and duct tape that to a shop vac hose to suck out whatever rain water has filled it.
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