Small red dot in OS Monterey Menu Bar

Hey all, anyone know what is the small red dot in OS Monterey Menu Bar.

I found another question on this topic (since closed) but it is not addressing the question.

I'm wondering if its equivalent to the red dot or green dot in iOS that signify recent use by an App of the device's Camera and Mic respectively, but hovering over or clicking on the dot doesn't give any clue.

Although its not showing right now, the image below indicates approximately where it shows up; seems like a kind of random position, def doesn't feel Apple-ish - kinda shoehorned in between other icons.