So the coil thing is the button!
See, on the inside of the front, there's a piece of metal, a rubber spacer, and a magnet.
When you push the button, the metal flexes a little, the magnet moves, and this coil can pick it up.
This is presumably used because this is a button that has to be very vandalism-proof
Here's that little PCB.
one wire is labeled +Pzo, suggesting this is a Piezo Switch.
That makes sense! Piezo switches are known for being very reliable, especially when they need to be vandal-proof.
There's basically no moving parts here, just a piece of metal that flexes a bit and a magnet that sways back and forth. There's very little to break.
found the sales manual:
https://polara.b-cdn.net/wp-content/uploads/2023/03/Polara-EZ-comm-2-wire-sales-brochure.pdf
it maxes out at 100 dB at 1 meter, but here's the interesting thing: it apparently adjusts the volume based on the ambient volume?