What is the purpose of this button with a red LED light (to lower left of the steering wheel) on my 2010 Silverado 1500?
There is no telling what the purpose of this switch is used for. It is not a stock switch and didn't come on the Silverado from the factory. Someone installed it for some purpose other than what was designed into the truck from the get go. Since the light does not come on when you toggle it, you can have a pretty good assumption the switch is not energized. To figure out what it was supposed to do, the best you can do is trace wires coming from the switch.