It's Cygwin's representation of one of the special environment variables created by the Windows command processor (cmd.exe) in order to track a separate current directory for each drive the same way MS-DOS did. You should also see entries like !C:=C:\Users\Ross Ridge
in the output of env. The Windows command processor creates them in the form =X:=X:\Path
, but Cygwin changes the initial =
to a !
in order to make it a legal Unix environment entry.
So the reason why you see !::=::\
in the Cygwin environment is because =::=::\
was in the Windows environment that Cygwin inherited. I'm not sure why there was an =::=::\
entry in the Windows environment, :
is not a legal drive letter, but Raymond Chen says it's a bug. It exists in the Windows environment on my computer even when I use Win-R to start Cygwin bash directly without using cmd.exe, so it's not clear what's actually setting it.