In this case it's used as a generalized term of reference for any unspecified person or thing. It's usually used to imply some intense, impressive, or remarkable trait. For instance: 1) You see this computer chip? This little sucker is worth more money than your whole car! 2) The guy we hired for protection is a tough sucker, so I'm not too worried about anyone trying to hassle us. You can use it this way to emphasize the fact that you're impressed by something. As Biden found himself impressed by Ford's speed in this video.

In this context "sucker" is a generalized word to refer to an object. So President Biden is referring to the truck he is driving when he says, "This sucker is quick." Be aware though, that if you use the word "sucker" to refer to a person, it can have a negative connotation as it may refer to someone as gullible/easily deceived.

It's a very generic noun that doesnt really mean anything. Its not that complimentary though, especially when used for a person.

a fool or gullible person.