This is one of several pictures I took at a recycling center I had the misfortune of working at in 2001. Every panel in the place is like this (except for the ones I installed, of course). In this enclosure there is a quarter inch of liquid in the bottom, which might not be easily visible. The maintenance supervisor didn't think it was a big deal.
Looking at it...some of the wires might be prone to getting pinched in the hinges when you close the cover -- especially the ones towards the bottom left hand corner of the box.
There also seem to be signs of damp. Look at the rust streaks in the lid - coming down from those black blocks. Some wire ties could also be a good idea....
Is it a good idea to leave so much slack in a panel like this?