Final answer:
The curly braces hold an object literal in JavaScript, where 'message' is a shorthand property that refers to the previously defined 'message' variable.
Step-by-step explanation:
The message wrapped in curly braces in the given code snippet is referred to as an object literal. In JavaScript, which is the language used here, developers often use curly braces to define objects, with key-value pairs inside. In the example provided, const element = {message};, the code is using ES6 shorthand property names. This means that the object element will have a property called message that will hold the value assigned to the variable message, in essence {message: 'Hi there'}.