Yep that looks just like the hornet's nest that was in Robyn's tree in the front yard. My grandson climbed up, thinking (from the ground) that it was a bird's nest. He called her to come and see it. By the time she got there he had already climbed the tree and he was crying as he had been stung several times.

I think her hubby sprayed it at night and then, after they were all dead, clipped the limb off and put it in the trash.