That is a cone bearing hub, the axle is bent. Your cheapest option is likely just replacing the whole wheel for less than $50 new if you look around. Back when I was a Buyer for shops a decade ago, a cheap hybrid style rim brake wheel was around $20-$25 at wholesale cost and retailed for $40-$50. I had to spend around $1k to get "free shipping" with that one. If not the thing can cost a lot to ship on special order and you'll pay for that. A larger shop that is ordering $1k+ weekly or biweekly form the major distributors is likely to sell it cheaper. Some small shops stock these things, but they take a lot of space for bad cash flow in most circumstances. If you know where to look for bikes people trash, a wheel like this is pretty easy to source for free. Like in the chain of shops I worked for, we were given throw away donations all the time. I wouldn't have used this option unless you were homeless or obviously destitute, but I had a stack of bike stuff under the main shop from people's donated bikes. Most were junk for one reason or another, but I used a cordless impact to disassemble them quickly and bin most of the parts. Most of that stuff went into building frankenbikes that the shop staff rode around town or gave away to the homeless, and for fabricating parts of my makeshift eBay product photography studio.
In many areas a quick cruise around residential areas will yield trashed curb bikes with a usable wheel.