You have an aftermarket exhaust, Drummer SS, and that bracket is an aftermarket part designed to mount the plastic fairing to. I have the same set up and I am able to remove the oil filter with the bracket in place.
The little filter is part of a modification made by po known as "engine breather reroute". You can look it up for more info. That rectangular metal box is the catch can, also aftermarket. Usually it has a sintered metal filter up top and a valve that you can open at the bottom to drain the blow by out when it accumulates (which you have). Looks like the po modified the catch can further and attached a mini air filter, I cant see where that mini air filter is attached to from the picture though.