The tank is called ( east coast slang, drip leg, drip pipe, sediment tank, solid or heavy tank, scrubber ). I heard them all used in my time.
The center top fitting should have an inner rod going downward the the bottom of the “tank”. The tanks can be any length ( into the ground ) as they can be made up on the field as needed.
You would just crack the blowoff valve and see if liquids or such come out and measure the volume. Minimum here is an annual check for all drip legs on the entire city grid. Wet gas can cause havoc with the appliances in the home. Worse case older standing pilots could go out, regulator could freeze up and lots of other concerns.
Normal the tank is buried to protect collected liquids from freezing and just the blowoff valve and pipe come to the surface in a small or large curb box or manhole .
That tank could be just a surface tank as well.
In your picture shown, it is unsafe. The blow valve exhaust pipe has to be capped.
Here we also would use a locking valve on the blowoff only and keep it locked closed along with the threaded cap in place.
The regulator has a vent, that’s the threaded opening we can see in the pic. Normally here it is required to have a screen, we have street 90 degree elbows with a metal mesh, screen over them for just this task. This keeps bugs, insects and critters from making a home. Again per code.
Based on your snow loads, code sets the height and ultimate location of the vent as well to keep snow clear, you will see that regulator vent piped upward or away as needed.
I would have piping and such that looked at by a professional for sure.