I think this is an electric fuel pump. It's adjacent to the tank but no fuel lines are attached. Fuel lines run from the tank up to the mechanical fuel pump at the engine.
Looks like a fuel pump to me. The knob on the bottom is to release the sediment bowl for cleaning. There will no doubt be opinions on why it is there and not hooked up. There may even have been another use for it but it is a fuel pump as far as I can see.
Mike
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