Reno, I would disagree with the "wet" vs "damp" assessment, if only because of the dent in the top of the gutter. That will fill up with water that has no place to go but in, around those couplers they are using for nipples (It sure looks to me like couplers with bushings screwed into them from the inside)
I also bet they set the gutter. Laid the meter stack on it, crushing the top and then attached it to the wall. I imagine that one piece of strut buckled or slid ... if it was even at the right height to start with.
I agree 100% with your assessment of the gutter sizing.
The other question is what is in the 3 (or is it 4) pipes coming in the bottom, besides the small one on the right that looks like the GEC. Per chance did they put a phase per pipe and the smaller one in the back in the #2 spot with the grounded conductor?
How else do you parallel 2 sets of 3 hot and a neutral in 3 pipes (plus 1)?
If so, maybe that is a damp location. The water would boil off before it had a chance to penetrate
