That is the higher pressure line for the power steering, and I could only wish mine looked that good (which is why I know what it is, because I’m planning to change it this fall). I would definitely consider changing though, even though it’s not as bad as mine because if it blows because of rust, you will be left stranded, or risk burning up the PS pump. They seem to be available and somewhat affordable on RockAuto just as an FYI...
Good to know. Thanks a bunch!