It is either a virus, a toy script for obsolete MATLAB versions, or a commercial tool you cannot afford and shouldn't use.
MathWorks continues to improve P-code security. As of R2023b, P-code generation includes: matlab p-code decoder.7z
If you’ve spent any time in the MATLAB ecosystem, you’ve likely encountered .p files. Often distributed as proprietary toolboxes or academic assignments, these "P-code" files are the "black boxes" of the MATLAB world—executable, but completely unreadable. It is either a virus, a toy script