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Destiny 2: Social Space and more.
Confirmed by Deej in an interview. The structure seen in the background is part/shard of the traveler. It is located near a new social space called "The Farm."
Keep in mind that the Traveler was not whole floating above the city this Shard/Part/Piece of it perhaps fell off in the move/many battles before it became dormant over the last city. However this piece still looks like it has light surrounding it for us to harness.