It's a launch profile. This is what the launchSettings.json looks like:

json
{
  "$schema": "https://json.schemastore.org/launchsettings.json",
  "iisSettings": {
    "windowsAuthentication": false,
    "anonymousAuthentication": true,
    "iisExpress": {
      "applicationUrl": "http://localhost:49516",
      "sslPort": 44327
    }
  },
  "profiles": {
    "IIS Express": {
      "commandName": "IISExpress",
      "launchBrowser": true,
      "environmentVariables": {
        "ASPNETCORE_ENVIRONMENT": "Development"
      }
    },
    "Umbraco.Web.UI": {
      "commandName": "Project",
      "dotnetRunMessages": true,
      "launchBrowser": true,
      "applicationUrl": "https://localhost:44327;http://localhost:49516",
      "environmentVariables": {
        "ASPNETCORE_ENVIRONMENT": "Development"
      }      
    }
  }
}