>>44716003They're usually referred to vaguely as the "trimmings," but it's basically low-grade meat taken from muscles, organs, skin, and other junk parts like lips and snouts. It's basically everything that no one wants, turned into a slurry and formed into a sausage. It's fatty, not particularly good, and usually kind of cheap.
Hot dogs are commonly grilled or boiled, frequently put into a bun, and then they take condiments like mustard, relish, etc, or other add-ons like onions, and put those on top. Ketchup is one of the most commonly used condiments, but depending on who you ask, this can be seen as akin to heresy.