Is this the lighting junction?

It looks like my pool light junction box except mine (20+ years old) has a brass base. The jacketed cable looks like it's from the pool light. Do a web search for: pool light junction box code

The code requires the box to be at least 4" above grade & 8" above the maximum water line. Looks like yours was partially buried.

The blue wire probably goes to another light or something else on the same GFCI protected circuit. You can't mix both GFCI protected and unprotected wires in the same conduit.
 
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