It's a disc-shaped canister of one design or another to act as an idle control device. Usually (if not always?) controlled by vacuum.
I've seen a ton of them that were just there, with no vacuum or electric connection that I never really understood. No idea what they did, or how they worked and never bothered to look them up.
Maybe just spring loaded and there to look pretty?
A dashpot activated by vacuum would kick the idle up under predetermined conditions. Either there just to set the normal idle when vacuum was applied, while others were there only to kick in only when the engine reached a certain temperature and it was typical to need higher idle speeds to keep from stalling.
Other vehicles used them also to raise the idle speed when the A/C was switched on.
Many EB's at least up to '72 had an electric solenoid which would have been for anti-dieseling purposes so when the key is on it's what sets the idle, and when the key is off it closes the carb down to like a 400-500 rpm idle speed to avoid run-on.
Not sure what year Broncos used what type of auxiliary idle control devices. Is your '74 mostly original? Anything like that on the carburetor adjacent to the throttle lever?
It's normal for the idle speed to come down anywhere from 100 to 300 rpm, or maybe even a tad more. But if the idle speed in neutral is already too low, in Drive it might be beneath the threshold where it starts to run rough.
Paul