Yes, situations like the above are becoming more comonplace lately. I would guess the pole (or post light) was knocked down, and someone patched thru the circuit to keep the remaining lights (or whatever) on.
"Most" EC's that I know would install a WP box over the conductors, if not immediatley (some bolt a cone down for "temp") usually very soon.
Any of the properties that we maintain, a box is standard, until a replacement pole can be obtained. (The big box stores don't have any inventory) Ha!
As far as if I see something like this with my AHJ hat on, I write a violation, based on exposed conductors, and a possible shoch hazzard, and follow-up again. Sometimes, it's fixed quickly, other times a $500 fine gets results.