Yes, that's a beetle penis, and it's part of the cringe-inducing phenomenon known as "sexually antagonistic co-evolution." Cosmos reports:
Male seed beetles have spectacularly harmful penises covered in
sharp spikes. These help the male's chances of fertilizing the eggs by
providing an anchor, but can also pierce the female during sex, causing
injury.
For seed beetles – a group of insects consisting of many species
that infest beans or seeds – the battle of the sexes is not a
psychological game played out in the home, it's a deadly serious
evolutionary arms race, according to a new study. . . .They found that in species where males have the spikiest penises, the
females had more padding in their reproductive tracts. According to the
researchers, the spiky male genitalia are less damaging to females with
more padding, which results in those females surviving and producing
more offspring.
--TwoDragons
Here’s chivalry for you: the male bedbugs don’t even bother with the female’s sex organs. Instead, a male bedbug uses its scimitar-like sexual organ to impale the female bedbug’s body and deposit his sperm!
Scientists even have a cute name for this sort of thing: "traumatic insemination." Ouch!