I installed new pads + rotors today and noticed a bushing that looks totally hammered. What is it called? (see pic)

Tie rod end bushing

Actually, that'* not a bushing. That'* the grease boot that holds the grease inside the tie rod. Its likely that the grease has long dried up and the tie rods are probably shot.

Put the wheel back on, bolt it in, and wobble the wheel left and right while holding it at the 3:00 and 9:00 positions. If there'* play, that tie rod is gone and needs to be replaced ASAP. Its likely that the other side is just as bad, so check that too.

Yeah yeah mister technical lol...But yes if its trashed like that your grease is probably gone

Yep, going to need to change out the joint. Wont take long for water to get in there and rust it away to nothing. Then you will have slop.

And wobble when going above 50mph, and excessive tire wear.

Yep that did the trick. I had both sides replaced plus a front end alignment.