Possibility that this is the end result of a sloppy job of someone using red liquid tape?? Or insulating varnish??
IMHO, looks like someone made this to possibly monitor the current in the neutral buss, and it appears that there is some means of support via the black material on the neutral buss, left of the five bolt connection.
Did you use an IR to check IF the temp was high? If this was any 'mfg' CT device, it would have a compliant mounting.
Look close at what appears to be some 'windings'.
Not being to cruel, but....Rube Goldberg??
What are the black marks that look like burns on the phase buss where branch CBs are fed??
