Quick help?!

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Is it perhaps an exhaust hanger? Is the large black part appear to be made of rubber and/or urethane? Since you took the part off, have you noticed anything rattling under the car?

I'd suggest checking along the lemgth ofthe exhaust and see what the other exhaust hangers look like.
 
No Mustang has ever had an exhaust hanger that looked like that.

If it's an exhaust hanger, maybe someone at the muffler shop didn't know which car this went to and threw it on the Mustang. As long as the factory hangers are there and working (one on each muffler, and one on each tailpipe- assuming duals), throw this thing away. It's not needed.

And in case it's a CIA tracking device, keep an eye on the skies!