It depends on the context.
When people see this form more than once and possibly with multiple options, the dropdown should stay consistently there and enabled. The fact that it shows one item gives the right impression. If the dropdown is disabled, it communicates that the (only) option isn't available to them. So I advice to leave the dropdown as is and don't disable it.
It would even be better if you can add a help text near the dropdown when it only shows one item. Like: "... is the only option because ...".
But, when people will see this only one time you can also replace the dropdown with text. I can't really give a good example without more context, but the text should tell what the (dropdown) option otherwise would have communicated. Like: "This package only ships to ..." etc.