If you've ever thought of modifying a truck, removing two of the most disruptive ugly parts of a stock truck is a great place to start. This is also an extremely common modification because of how good it makes the truck look. What happens is that you remove the existing bumper and replace it with a roll pan. The roll pan makes the back of the truck look smooth and clean.
If you have a trailer hitch you can cover it with a rollpan. You will often find the trailer hitch hidden behind the license plate. You can even have your license plate that folds down to expose your hitch opening. The only issue you may have is that a rollpan does not function as a bumper for safety.
The rear bumper of your stock truck is much more about what it can do as a utility, it's not designed to look good. You can use the stock bumper to step up in to the truck bed and it will also help to protect your truck in case of an accident. Usually bumpers are made for five mile per hour accidents, but they can often help in higher speeds as well. Usually the bumper comes into play when you are in a parking lot where the speeds are much slower. Keep in mind that your rollpan will not protect you as well and you might need more bodywork in an accident.
You will rarely see rollpans that are painted so you can match the existing paint of your truck. This will add to the cost of project so keep that in mind when it comes to your budget. If you have a fancy paint job it will usually be more expensive than the part itself.