What it looks like is the meter reader got tired of dodging vehicles or being blocked out completely and had them install the barrier and pipe to protect the meter. Then either forgot or haven't made it back to paint over the handicap display. My .02
You can't see it but there is a huge ac unit to the left thats what the pole is there to protect. I thought I caught it in the photo but missed it. I'm coming up with "you can't fix stupid".
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