No, it doesn't spin.
On the WR-250R and WR-250X, that is a "more cost-effective solution" for mounting the top of the shock and still allowing it to pivot while mounted.
It's just a couple layers of steel with rubbery-like stuff sandwiched in the middle.
Just put grease on the bolt where it mounts to the frame.
On a WR-250F, though, it does have a spherical bearing and two seals that requires grease once in a while.