Is that box up high or down low? I'd suspect it could be a 240v outlet for the stove if low or more likely a 120v for a range hood. If they removed the range hood, they might have pulled the wires going into the hood as well.
It is likely your old main breaker panel has the black wire coming from the breaker and both and white and bare wires hook into the same buss which is how they used to do it.
You should have 120v at the black wire where it connects to the breaker when it is closed. But if you don't have 120 at the other end of the black wire then there is a problem.
You really need to trace your wires and maybe do a continuity check on them with them disconnected from the main panel. I suspect your wire goes somewhere else such as an outlet or switch hidden somewhere in the cabinets. They may have run the wire to/from the garbage disposal as well. Disconnect both the white and black wires at the panel and see if anything doesn't work such as an outlet, light, ceiling fan, disposal, and so on. Maybe something hidden in the cabinets. Since the white wire is hot, something is fishy. Leave them disconnected and taped off in the main panel if you can't sort it out. Let us know.
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