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Does anyone know what this red icon is? I'm on a project that someone has already worked on. Not sure how this icon came up.

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It means the proxy file for that clip is missing. You need to find and relink them or make new ones (if you want to use proxy files).

See the "Red proxy badge in icon view" section below:

https://community.adobe.com/t5/premiere-pro-beta-discussions/discuss-project-panel-proxy-badge-in-icon-and-freeform-view-proxy-column-in-list-view/m-p/12594847

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