Whatever this is, it looks like the kind of thing my late grandmother would get talked into buying.
@hotdogsladies sorry to be Mr Serious Answer, it looks like a temporary(?) dry sprinkle switch head. So the part that keeps the water out of sprinkler pipes until a head pops and the most god awful rusty water flows. But it doesn’t appear to be wired or active (valves are closed). Why yes, I do work at a museum. How did you know?
@Laxdude Seriously thank you!

@hotdogsladies It's not wired up, has no air compressor and it better get a shed over it to secure it and stop it from freezing if it's permanent. Dry means it's for a museum like space (because 'air' is smaller than water it can't drip) or a parking lot that might freeze (which seems unlikely for your area)

And you are welcome.

@Laxdude A San Francisco residence. I think it's either a duplex or maybe a four-plex.

It's been undergoing a seismic retrofit for literally years.

Maybe it's money laundering? I honestly have no idea.

@hotdogsladies Probably a modern code thing then. Dry means less maintenance and risk of water damage. You might also have seismic sensors to prevent water flowing unless there is also fire? There are a LOT more wires than we have up here in Western Canada on the valves.