I may be wrong, but...
By "mist cooling," as well as the appearance of this unit, I'm going to guess that this is a device attached to a machine tool, and is used to spray a mist on the area where the cutting tool meets the metal.
If that is so, the item on the outside of the box is simply a filter. The (much smaller) pump is inside the box- if there even is one. (Many of these units are powered by compressed air). The box would also include relays, etc., to automatically control the unit.
I would ask why the unit wasn't mounted on the wall. I agree that this would be a good place for a "bubble" cover and GFI. The enclosure is almost certainly NEMA-4X, and thus capable of keeping out a surprising amount of water, even if it isn't technically a "submersible" enclosure. That's assuming that the penetrations are properly sealed- which I doubt.
I'd like to ask: IF you were to mandate a distance between water taps and outlets, how would you prhase it?