Absolute nuisance. I removed it years ago. And installed a light weight under belly pan. The pan is bolted in the rear where the plastic pan was bolted. And the front is bolted where the front is bolted. There a hole for oil drain and oil filter.

 

A disadvantage of an undertray is that it conceals small leaks. By the time a leak overflows the undertray and is noticeable, it is a major leak that may result in damage.

 

My bad for not searching the forum on my first question. Tray value aside, any ideas on how I can get that last bolt off?

 

Cut the head of the bolt off with a grinder.

 

... Is there some thinking that this tray should be removed...

The plastic under tray was provided to keep the bottom of the engine clean. But over the years, jiffy lubes and snowbanks damaged them. Most owners saw little benefit in maintaining or replacing the original. Off-roaders replaced them with metal.
I have valued my under tray, and by doing my own oil changes, still have the original pop fasteners. At each change, I take a flashlight and look at the heads to check for gasket leaks. The underside of the engine and the header shields are clean and dry as new.