The blackened stainless steel 'sub-chassis' is molded into the frame, on each side, of the M&P pistol.
The coil pins used to secure the sear housing block and the locking block pass through the steel sub-chassis, and essentially form a 'solid steel chassis' in the assembled M&P pistol. This has been described as helping distribute and mitigate recoil forces, with the forces acting first upon the steel parts, connected together into a rigid 'chassis' by steel pins, and helping spare the plastic (zytel) frame.
The way the steel frame rails are contained in the sear housing and locking block also helps spare the plastic frame, as the running forces during cycling are being directed to the steel blocks connected via the sub-chassis, and not just to frame rails inserts molded into the frame (which also makes rail replacement, if necessary, easily done at the armorer level).
This use of a steel sub-chassis, as it were, is one of the nice refinements offered in the M&P's which I think represents a nice evolution found in the plastic-framed service pistols. I suspect it will lend itself to durability and longevity.