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__trace_printk is an internal function for trace_printk and the ip is passed in via the trace_printk macro.
This function allows a kernel developer to debug fast path sections that printk is not appropriate for. By scattering in various printk like tracing in the code, a developer can quickly see where problems are occurring.
This is intended as a debugging tool for the developer only. Please refrain from leaving trace_printks scattered around in your code.