Dog vomit does describe its appearance.

Evidently troll cats don't puke up hairballs.

Take cuttings and open your own Chinese restaurant.

Or maybe it's an omelette bush. They can be hard to tell apart.

The fungus lives the majority of its life as mycelium but
When the conditions are right it puts up a "fruiting body" and that is what you are seeing here. This fungus is very important for healthy soils and the break down of lignins "woody stuff" into simpler compounds.

If you see it in your garden this what you should do... nothing.