Noticed Seal between hood and engine compartment...bent/broken...

I noticed the piece of weather-stripping that meets the hood and firewall is bent...rubber, loose...does this 1" wide rubber material have any purpose? do I need to replace it? It is a 1993 truck...runs well...

Fits over the metal flange that sticks up there. I just put it over the flange and put three or four pop rivets to hold it in place. Helps keep the hood from shaking and keeps engine fumes and heat out of the air vent inlet. Probably a good idea to keep it if possible.