It looks like PVC pipe (note the raised grippers around the male adaptor end) that had been pulled down through it's locknut either by extreme settling, or by a single dramatic event (forklift anyone?). I don't think the meter can was raised, you'd have to break the utility seal in order to open the enclosure to access the mounting screws and the utility would definitely have something to say about that. If it was damaged by equipment, then 300.4 Protection Against Physical Damage would apply. If it was from settling or earth movement, then 300.5(J) Earth Movement would be the issue. If it's just sagging like crazy, then I'd look at 300.11 Securing and Supporting.