This key fob has many different names. Battery activator, activation dongle, and battery marriage dongle are just a few. After reconnecting your battery to the Metacycle, this device will flip a relay internally and allow the battery to power the bike.
If you are curious, the QR code on the label is the URL https://qrcodes.pro/phS8wl and that redirect no longer works. It used to go to the battery removal and installation video, which someone else captured using a mobile device.
The battery activator works by supplying 12 V + to pin 3 and GND to pin 5. The wiring diagram below is for the charger, but the pin layout is the same. Internally, the board looks fairly simple. It essentially connects two 12 V A23 batteries in parallel to a button, a LED, and the two pins that feed into the Metacycle.