Probably that is the button to enable valet mode on an aftermarket alarm system, and the light in the dash would blink when armed as a theft deterrent. :yawn:
If the alarm isnt working, you could remove the button and get a new dummy plate to replace where they drilled for the light. Note to just be careful if there is a start kill relay that you reconnect those wires properly but if the alarm works, and you think you might want to use Valet mode, just google for possible methods to learn how to enable it for your alarm.
Found this:
What is Valet Mode?
We all need to let other people operate our vehicle at some point or another. Whether it's a valet at a restaurant or a mechanic at your local garage. With valet mode, you can disarm your alarm and hand the keys over without the worries of handing over your alarm system.
Enable Valet Mode
To enable valet mode, follow the quick instructions below:
You will first need to locate your system’s "valet switch". It is a small, black, momentary button that is usually mounted in an accessible, but not obvious location towards the bottom of the driver’s side dash. A common location would be on the driver’s kick panel cover, or on the side of the center console (if the vehicle has one).
Once this switch is located you will need to put your key into the ignition cylinder and turn it to the "ON" or "RUN" position. The alarm will trigger again at this point.
Immediately after turning the key to this position you will need to press and release the valet switch one time. Make sure it is a quick tap. Holding the valet switch too long will not work.
About one second later the alarm should turn off.
**Note: During installation the installer can program this button for anywhere between 1 to 5 presses, however most installers leave it at the factory default of one press. If one press does not work, repeat the process and try pressing the valet switch two times instead. Repeat the process up to five presses or until the system disarms.
If you are unable to locate the valet switch, or it seems to be inoperative, you will need to contact the shop that installed the system