Welcome Kymco Owners!
For motorcycles or scooters?Similar but A LOT more massive to handle the stresses of higher speeds than what a bicycle can go.
I do see that the section from the axle to the pivot is essentially a universal joint in function. I've seen mc hitches using an actual universal joint for mono-wheeled trailers.
Pics from my Burley bicycle trailer. works great, allows the bike to lean in the corners.
As an engineer I get immedeately an itch to invent something like that.For this project I would use/abuse a MotoGuzzis or BMWs cardanic driveshaft.