That is a very classic front end collision dent. It occurs behind any lugs or internal butting of the tubes (thicker tubing at ends).

In most cases, there will also be damage to the top tube, although in this case it doesn't appear very noticeable.

Some bikes will be rideable with the damage others won't. It can affect both head tube angle and front tire (or fender) clearance.

There is a lot of fear of sudden failure with aluminum and carbon fiber frames.