That is the Anti-siphon vacuum breaker check valve device for your Black Tank Flush System
Water goes in via bottom line...pushes disc up closing off the open slots in top cap and then water flows out the side pipe and down to nozzle in sidewall of Black tank
When you turn water source off the disc drops down allowing air to enter via slots in top cap. This allows water on tank side of Device to drain back into black tank and breaks any siphoning action
Low water pressure (less the 45#) and it can leak ---not enough pressure to push disc/seal
High water pressure (more then 65#) and it can leak---too much pressure pushes past disc
Can leak out top with normal pressures cause they are cheap junk
Clear Plastic and Brass options are available