Urgent need help e46 m3 2004

ok so i was driving on highway... all of the sudden i started to hear some weird noise like a can is stuck to the rear wheel drivers side, i kept driving took nearest exit stopped car looked under the car see if there is something stuck on it but i see that the wheel rubber is hanging out from the tire? any ideas what could've caused this thanks..

Perhaps you ran over or hit some metal debris on the road? Is the tire flat?

tire isnt flat i just drove again and that rubber piece hanging out of the wheel is just flapping around hitting back fender making the noise when i go above 20 mph