I have always noticed for other GM vehicles like my dads Tahoe, moms Impala and my sisters old Buick that usually the bottom bolt has the rubber part. I can't say what it is for but like sparky suggested, I think it is for a dampening so the caliper doesn't rattle.
Those pins don't look quite right unless they changed them in later years. I have an 04 and the pin itself has a hex head on it and then the rubber dust shield goes around that.