I'm replacing an old/aged receptacle. Incoming hot wired to hot on receptacle. Neutral had been previously connected but snipped off and wire is loose in box (copper end more or less insulated). Incoming ground is wired to ground on receptacle and then jumpered into the neutral connector on the receptacle. It appears it was originally wired as I would have thought appropriately but then later altered. The original wiring is mid-70s vintage. There are no other conductors in the box so it's not in series with anything (at least visibly in the box).
I suspect this wiring has been in place for decades without issue but this feels like a hazard. Can't think why it has been altered in this way. My thought would be to pull this and wire new receptacle in traditional manner.
Any reason anybody can think of why I shouldn't proceed with traditional wiring on new receptacle?