Calibrate? I clicked on open profile didn't change anything that file is beyond me.
Any profiles in that list are completed, not a starting point for a new one. The ones above the line are those in the /Library/ColorSync/Profiles/Displays/ folder. One of them is always the provided profile for your monitor, which is pulled from the panel itself. In your case, that should be Color LCD. I imagine you created the other two.
Open Profile should open the selected profile in the ColorSync Utility so you can examine it. Much of it is color space coordinates as they relate to L*A*B*.
Calibrate is completely independent of the profiles listed. You are starting a new profile creation when you click that button. You've likely noticed when you do that, the monitor snaps to a particular brightness level and color. All profiling works the same way. The goal is to capture the output of a device without any controls. You're measuring color the way it's produced from a raw state. That applies to any device to which profiles apply; monitors, printers, scanners, digital cameras, digital projectors, etc.
For a monitor, the raw state is a combination of the monitor's current settings, and an uncontrolled video card. As explained earlier, for Apple, that means a monitor that is (hopefully) producing a 6500K white point and a default illumination. Probably 120 lumens. Part of the profiling process is information stored in the video cards's LUT (Look Up Table). This is cleared when you enter calibration mode so the card is outputting raw color to the monitor. The software included with the i1 Display Pro (or any other monitor profiling software) does the same thing. The LUT is actually pretty complicated. Lot's on it here and here. Way over my head, too.
Which of these would represent the 5500K you spoke of?
None. You'd have to go into Advanced to set that white point. The "D" simply stands for Daylight. Which is a wide open term since the color temperature of daylight white is different depending on elevation, time of day, cloudy vs. sunny, and other factors. But for consistency, it's the measured white point at noon in full sunlight.
In the choices above, D50 is an abbreviation for 5000K, D65 is 6500K. 9300K is maximum white, which is extremely bright and blue. Who uses that one? The broadcast industry. Ever possible wavelength of visible color is sent to your TV. You use the controls on your set to tone it down to what you consider normal color. Native is whatever the current white point is for your monitor. Meaning, if the profile currently in use has a 5200K white point, the software will read that from the profile and assume that's what you want to continue to use. That's the normal meaning of "Native" when profiling monitors. Though for Apple, they could mean the default for the panel detected, which would normally also be 6500K. I haven't played with it to see which would happen.
So anyway, if you do want to use a 5500K white point, you have to use Advanced so you can move the slider to that value.
No harm in trying any of this. As you said, you can always go back into the System Preferences and choose the monitor profile you were using. The only thing lost is a bit of time.