It’s a water regulator. It lets water in at low speed to cool the rubber parts but also changes the sonic wave to boost low end performance then at high speed it restricts water and dries the pipe out for more top end power.
The factory used a carbon steel clamp like idiots instead of stainless like everything else on the ski so they either rust out or poke a hole in the diagram.
If it’s leaking water you need to undo the clip, remove the cap, watch the spring underneath then pull out the valve internal and inspect.