It kind of looks like some kind of molded on the wall masonry job, then painted heavy, to me. The units look wet mortar wiped to me…could be the paint., tho.
On a service drop, the two insulated “hots” bring in 120v each, and the bare neutral conductor provides structural support for the entire service drop.
In this photo, you can clearly see the bare wire support.
Your image shows the bare wire support pulled away and compromised. A makeshift wire loop is now holding the service drop, which is a very dangerous situation. Furthermore, the hot wires are now pulled tight due to the attachment issues, eliminating the drip loop.