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Lots of people just abandon their beaters. You see a lot of these bikes in Toronto. The City routinely posts notes on abandoned bikes locked to short-term parking posts, giving people a week to remove them, and then, if the bike is still there in a week, cut off the lock and haul the bike away. Sure, some bikes are abandoned because something bad happened to the owner. But I think most of the time it's a lot less dramatic.

Looks like just another piece of garbage to me, typical of what you can pick up off the curb on rubbish night and not even worth stealing. It should be got rid of to free up the rack space.