So I have this hard red bump that is about 2cm wide above my penis (in pubic hairs) for almost a week now. It is only sore when pressure is applied to it however seems to have gotten less painful over the few days. It first appeared after I trimmed my pubic hair and I'm not sure what to do with it.

Show to the doctor, he can only tell you the cause and the medication for that bump! :)

Could it be a ingrown hair?

Give it a few more days and see if it goes away. If it doesn't see a doctor.