Just walk away and forget about it.
Best guess is that the loose end went up the utility pole and attached to something up there. The other end might be feeding to an underground service that goes to a building. Could possibly be a ground wire of some kind as well.
Anyway ... cutting it off could cause them some real problems if they need to re-attach it someday. Don't do that. Messing with their stuff is illegal and could get you in trouble with the police.
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