I'm not familiar with the tree, but if it were an
apple tree I would think it was some sort of aerial
root growth.
Do you know if the tree had been grafted? I think that, or other damage, can sometimes lead to
roots growing out of the ground.
I don't think it is anything to worry about. I suppose if it not a grafted tree and you wanted to propagate it, you could try wrapping the trunk with damp moss/soil and see if you can get it to root properly and then cut below the growth. If you ignore it, it just looks a bit unsightly, but otherwise shouldn't be a problem I think.