I think it is mainly to cover the chain to control the throw off of lube that occurs. From what I can tell, it does not connect to anything important and does not look like it is leaking oil.
If you can, remove it before it gets caught in the chain.
Over the winter, get the area cleaned up well and see about maybe trying jb weld on it, or better yet, some lumiweld.
The ride IS the adventure. The destination is just to get gas!