First, what I see: I see a disconnect cabinet that is probably the main disconnect for the meters next to it. (The lack of a ground wire, and a single black wire entering a small pipe suggest this). I see a minor amount of rust on the bottom of the cabinet and the bottom corners of the door.
In the 'fix' I see what looks like a piece of sheet metal fixed to the front of the door, some new concrete poured around the pipes, and the exposed pipe concealed behind more sheet metal.
I can't see the connections, so I can't make sense out of the different pipes having different wire counts.
Did I miss something?
First, as to the rust: It looks minor. Indeed, I'd have a tough time finding an install that had less rust on it! Especially in industrial locations, I've often seen panel bottoms completely rotted out.
I don't know what the new concrete and sheet metal were supposed to accomplish.
Was the concrete intended to cover rusted openings in the conduit? With the new concrete being level, all they've done is move the puddle up another few inches. (Concrete might also have entered the pipe -good luck with the next pull!)
A few more general comments: 1) As noted, the weathering appears typical;
2) I assume that IS a disconnect. I would question whether the 'replacement' front continued to properly latch;
3) If this is 'sealed' equipment - on the supply side of the meters - the NEC doesn't apply;
4) The disconnect looks to be a common industrial enclosure. Perhaps NEMA 12, but NOT NEMA 3R rated. It might even be simply a NEMA 1 disconnect; is there a gasket?;
5) Not to worry; service-side equipment generally need not be UL listed, and the use of unrated stuff is very common;
6) It wasn't until recently (circa 2003) that UL increased their requirements for rust protection of the metal used in these applications. Before then, it was 'paint OR other means.' Now, it's 'zinc AND paint.'
7) What's the pad for, anyway? I usually see the pipes simply exit the earth;
8) Where the conduits enter the bottom of a cabinet, I'm accustomed to seeing the pipes simply be cut off. If you're lucky, they put on a bushing. The bottom of the box is simply cut out; there's NO direct connection of the pipe to cabinet. Perhaps 1/3 of the time are grounding bushings used; and,
9) I've seen plenty of sheet metal enclosures 'field made.' I've had a few made myself. Now, "mine" were closely matched to the dimensions of whatever they were attached to, I patched the thickness of the cabinet metal, and I've painted to match, though I can't see where that's 'required;' and,
10) The mismatch in enclosure sizes guarantees water will enter the lower section.
Conclusion: No improvement to the original situation.