Yes, my son has a 1994 Fender P bass Squier series in the same color as yours but his is made in Korea. Up until yesterday, I had a 1995 MIM Fender Jazz Bass Squier series.
The Squier series is not a Squier brand instrument, it's a true Fender bass, it was a budget MIM Fender bass along with the Fender Traditional Series which replaced the Squier series - both these series were known as Black Label Fenders due to the black Fender label on the headstocks. These were budget in that it used cheaper electronic components and hardware compared to the standard Fenders of that time, but everything else - pickups, body, neck is what they would use on the standard MIM Fender. Sounds and plays pretty much like a MIM Fender.
Is that bass worth it? Well, I bought a complete wiring harness and pickups from a Squier CV P bass for around $30 and installed it in another of my basses, so that's one thing you can always do and factor into the cost of getting it running. I don't know about those pickups, I can't tell but I don't see any wires on them in the picture- were they also disconnected?
As long as the neck and truss rod is fine, I don't know, I'd perhaps buy it for $100- it's a project bass after all being in that state but I believe it could end up being a pretty decent player. My son loves his, it's got a slimmer neck than my MIM FSR Fender P Bass and sounds pretty good.
