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The metal pin is spring-loaded and normally just fits into a dimple that exists on a hotshoe.

It's an extra bit of security for the device you're putting into the hotshoe. I think it's there in case the clamping mechanism fails so there's at least something else keeping the device from slipping out of the hotshoe on its own (albeit not very strongly).

I removed it just in case it was getting in the way.