This is what I was thinking as well! When you see it from the underside, it looks like a prolapsed rectum. Unfortunately, I can't get a good picture of that because I don't have a macro lens. What should I do? Let the fish live out its life in quarantine?
I would probably keep it in QT for a couple of weeks with daily water changes and see what happens. If it is the remains of a fin, it should start to heal up pretty quickly with clean water and maybe some pima/melafix (can't remember which one atm). If it hasn't started to heal after a couple weeks... it may be time to euthanize. :uhoh: