Hi, thanks for using Petco Pet Education Center, formerly Petcoach! Poor Rocky!
I recommend any mass that is changing: getting bigger, changing color or is bleeding/infected be evaluated by a Vet. The bump looks small and likely can be removed with a local block of lidocaine and a punch biopsy is Rocky would sit still enough. Possible causes are sebaceous adenoma, other cyst, hemaratoma or less likely a mast cell tumor. A lot of benign and cancerous masses can look the same.