Can this be a compost pit for a 1955 ranch?
YES, it is
Suspected as such. The handle can be set to allow the lid to rest in a slightly open position.
I would think it was an outdoor garbage area?
See these all the time - just a garbage can with a cool lid!
Thats what they were in pembroke pines Florida in the 80’s
I am kind of surprised we haven’t seen some crazy story or lawsuit because a house with one of them was found to have ground contamination that wasn’t disclosed or tested properly LOL