That looks to be an old style copper telephone drop distribution pedestal.
You would use those for 24 pair, or less, drops, or fiber locater drops, or other small splice points.
This is a guess since I can't see what is up the pole.
Looks like a neighborhood that is well established (been there for a while).
In this case it is, probably, used for the drops coming down the pole to tie into the buried drops going to the homes.
Sometimes they have binding posts or they may be using beans (a type of 3M connector).
Just a little warning... do not touch any of it if you don't know what you are doing. Any of the utilities can, and may, hurt/maim/kill you if the conditions are right.
And, I noticed the snow... downed power lines are a telephone persons worst enemy in the field.
You should, always, test for foreign voltage on anything you are going to be in contact with or near.