[MotoGP1199]

It's surface mounted!! Replace the whole thing. Your question made me think it was mounted in some hellish spot like flush in lath and plaster or flush in masonry. Put a 40 circuit in and give them a few more spaces. What would you do in your house?

Exactly. Flush mount, 1 conduit, all romex. By the time you posted this you could have had all the circuits disconnected. Assuming the screw holes don't line up on the guts, I wouldnt hesitate on replacement.

 

[MotoGP1199]

What’s the goo in the riser for?

Duct seal. Technically to meet code. It should be on any conduit going from outside to inside

300.7 Raceways Exposed to Different Temperatures.
(A)Sealing. Where portions of a raceway or sleeve are known to be subjected to different temperatures, and where condensation is known to be a problem, as in cold storage areas of buildings or where passing from the interior to the exterior of a building, the raceway or sleeve shall be filled with an approved material to prevent the circulation of warm air to a colder section of the raceway or sleeve. An explosionproof seal shall not be required for this purpose.

 

[MotoGP1199]

Wouldn’t that make the conduit fill up with water?

I'm not smart enough to calculate when it would or wouldn't. I have not seen any issues. I can tell you it has drastically helped in my panels in mechanical rooms with corrosion in rooms that have high humidity or chemicals stored in them. On anything with underground conduits going into a sub-grade panel I use polywater to seal the conduits and that stuff works great.