@Stax I updated my post with a photo where it goes into the wall behind the furnace. I'm not sure where it goes from there.

The basement of my 100 year old house has more than one pipe to nowhere and some disconnected, decaying, knob and tube wiring. My guess would be it's a relic of some past plumbing/heating whatever. My house once had the gutters drain into the house sewage (which means a very heavy rainfall and clogged drains can back up your sewage into your basement). Those pipes are disconnected. We have a cistern in the attic that was disconnected long ago.

That pipe might have been part of a stand for something, it might have once been a pipe connected to something. If you see debris, that suggests it's not connected to either water or sewage.

@Sigrid Thank you for your very insightful comment. I think you're exactly right that this pipe is simply a relic from days long gone and doesn't serve any purpose now. And it's certainly a good thing your gutters no longer drain into the house sewage!

If it's an abandoned drain line, I suggest you cap it.

@Charles Ross Homes I just realized the pipe is metal (updated my post), so maybe it's not a drain line.

@Charles Ross Homes That solves the mystery, thank you!

+1 on the bollard, possibly prior to the platform raising them min 18".

Another vote for a bollard.