Yeah, you've got a shackle flip. It takes your rear shackle hanger (shackle is the piece on the end of the leaf spring) and flips it upside down to be pointing downward instead of upward. It usually gives about 4" of lift, hence why you don't have to run a huge block. The spacer on the bottom is an alignment spacer to correct your pinion angle since the shackle flip moves your axle. I'm surprised they didn't do a U-bolt flip when it was being worked on, especially if you wheel that thing hard, plus it looks better.
2001 GMC Sierra SL ECSB - Project
2012 Honda Civic Si - DD
2009 GMC Sierra SLT ECSB - Sold
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