What this 16-bit latch does on the board
The 74FCT162373ATPVCT: That makes it a clean bus-interface register for address or data lines where you need to hold a word while the bus drives something else.
Housed in a 48-pin SSOP — the 0.635 mm pitch is fine enough that a standard iron can rework it but tight enough that a hot-air station is the safe bet for removal. The body is 10.2 mm wide, so it sits comfortably on a 2-layer board with fan-out vias on the inner rows. Orientation mark is pin 1 at the chamfered corner; no centre pad, so no hidden thermal joint to worry about.