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It looks a lot like the 'oil drain plug repair' that was available many moons go. When you stripped the drain plug threads you inserted this rubber bullet and it sealed it up. It is installed/removed by shoving something blunt up into it to stretch it enough to slide in or out. It came with a green plastic 'tool' that was nothing more than a plastic blunt shaft. A smooth ended phillips screwdriver works well. Since there is no handy drain on a Cobalt [and most other] transmission drain pans I think that was installed to make oil changes easy. It doesn't hurt the pan besides there being a hole in it. You can just weld it closed.
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