It looks like the original clamp was reattached to a replacement pipe, which was cut at floor level. Or is that a crawl-space shot where a spigot was removed for relocation because of an addition?
What's worse, the fact that someone actually went through the trouble to put the clamp around the pipe or the fact that they failed to properly secure it AND the fact that the set screw is missing. Perhaps if it was put around that brass fitting.