Had one like that locally. The point of attachment / service drop could not be relocated. The metering had to be located around the corner from the drop due to the size of the metering. The pipe in between is for protection going around the corner. It should have been piped all the way around with an LB at the corner. Looks like cr** . one thing to watch for is if the conduit is metal it must be bonded.
I seen a few like that. I think that the reasoning is too that the service was relocated and it was goobered back together. Our local school has something similar. It appears the an older service was originally an overhead drop and was upgraded with a lateral service. Instead of running the underground all the way back to the main, they ran it up the old pole to a weather head and just connected the weatherheads together. Makes sense, right?
definetly an oh/ug conversion, although I have seen older services that had a strike on one corner of the building, and a double headed piece of conduit, with conections bugged by the ec at the other end to get to the meter, guess it was cheaper and easier than running conduit the whole way... not really a danger, IMO, but really ugly
I have seen that where they have gone from O/H to U/G many times here in the city where they can't change the original point of entry / metering because it would be impractical. OR in regards to that double headed piece of pipe, I have seen that done where the PoCo changes the overhead drop a bit and for whatever reason and the new drop /point of attachment would end up being too close to a window / door / balcony or yet again, too far from the original point of attachment / metering..