The shaft of the pot only turns 180 degrees. Inside there’s a transformer (EWC31004GO5), the base of the cylindrical fuse holder, the rear of the pot is a rheostat with a black resistor inline to the transformer....
The only thing I can think of at this point is that it might be a piece of test equipment, perhaps for the purpose of applying a variable load to the output of AC power supplies of some sort. The fact that the device does not provide an output would seem to rule out any other possibility I can think of.
Regards,
-- Al