The biggest problem I've had with cables like this is that they are no longer raintight. Water wicks down the cable & frequently starts the lugs in the meter corroding. I've also seen it continue past the meter & go down the cable to the service disconnect in the basement & rot out the lugs there.

If you need a code citation, try 300-12

Tom

Few things are harder to put up with than the annoyance of a good example.