I've finally installed this.
It's a hitch and it hides behind the access plate. I'm only going to use it to tow one bike.
One thing most people don't know is that this one replaces the current bumper beam with a much heavier beam.
This will save a little bit of weight.
Since it uses the same mounts, the impact force will be distributed the same but it won't have that little give of the curved and lighter bumper beam.
The bumper beam that came with the car seemed pretty light and I'm not really sure it'll do anything in a crash tbh.
The install is pretty straightforward. I watched iTesla's video and it's a pretty good one. I've watched several videos and it gives a good idea of what needs to be done although the screw locations can be slightly different even within the same model year. If you're not handy and careful I'd suggest paying someone to do the install. Taking out the tail lights was the scariest because it doesn't really come out that easy and if you're not careful I can see it getting damaged very easily.
I've noticed that a lot of the screws weren't really tight or tight enough and I found a few missing grommets in the wheel well. Not great QC.
Overall the install went smoothly but I haven't had a chance to mount the bike rack yet. I think this hitch from draw-tite is a viable option which doesn't cost a lot. You just have to know that this replaces the bumper beam while the ecohitch is an attachment to the bumper beam however both is hidden behind the access panel. One thing to note is that, since the Draw-Tite replaces the bumper beam, you will lose that tow hook. The hitch itself has two eyelets so I guess you can use that which would be fine with me.
I need to figure out a slick way of making the access panel easier to open and close. I saw a video where one guy cut a few tabs. That may be an option but I'd prefer to buy one that's design for this application is possible, Leaving it open wouldn't be that big of a deal either.
Hope this info help give others more options for their model Y towing needs.