Yes it does look like a flower starting to form out of an old banana stump. I've never heard of that at ground level before.

I will second that. I have never seen any other part of the banana that would look like that other than a bloom stalk but have never heard of such an occasion. What type of bananas are these? I guess it know it would flower before it was cut so this just goes to prove the gusto of the banana plant. It knew it was close to bloom, it got cut down and went dormant, then woke up exactly where it was and is pushing bloom with no foliage. This is definitely an interesting case.

I've had a similar bloom this year, although mine was probably 18 inches off the ground.... a Musa Basjoo. Usually mine don't bloom until at least 10 ft.