I know WHY the PO did it - he was cheap and got the box at a deep discount.
Our wellhouse was done similarly (for that reason - if there was something 50 years old and usable, why buy someting new even if it IS safer/in code/doesn't require creative jackassery to use...)
Ours had 2 ea 240 runs (1 for the wellpump, one for the pressure pump) with a 120 leg broken off it - somehow - to run the 110 lighting and the wall plug. In fact, the whole fuse box was a rube goldberg wiring nightmare.... One of the pumps started to push up daisies, blew out one leg of its own side and one of the others... and dimmed the 120 lights.
I'm usually pretty good sussing out basic wiring, but sitting there and studying this mess for half a day (and going through a couple boxes of screw in fuses) , this POS had me totally stumped. Got a well man and certified electrician out there, they cut everything and rewired it normally with normal breakers. They were surprised it had lasted 50 years and not burned down when they hit power to it...