We are assuming this is a nest of the common wasp (Vespula vulgaris) as they have a wide range of habitats; they can forage on multiple food sources such as caterpillars, insects, nectar and fruit.
After coming out of hibernation in the spring, the queen begins looking for nesting sites. Chewed wood fibres are mixed with saliva to mould the nest.
I don’t believe the queen got as far as laying eggs as the nest looks incomplete with cells not having the depth to hold developing larvae.
Perhaps the queen abandoned this site in the nest box because a blue tit started bringing nesting material in, or perhaps she just found a better nest site.