Yes, it looks like just another toxic waste dump, but it's really a natural marvel: it's Roaring Mountain. In the 1880's, when it got is name, it was quite the active geothermal feature, covered in fumaroles from top to bottom; but it has quieted down considerably since then. I think we detected a few wisps of steam, but no roaring; not even a robust hiss.
While Yellowstone as a whole is quite the hotbed of geothermal activity, the activity in any one place (except for Old Faithful) is more hit-or-miss; certainly it doesn't accomodate itself to today's busy, on-the-go vacationing tourist. You can blow right through the park without noticing any activity at all, which makes it easy to forget how volatile the place is. The hot springs can become geysers, and then subside in activity again; or they can blow themselves up in spectacular fashion.*
By now, it was time to move along, so we drove down the thousand feet from the top of Golden Gate canyon past Mammoth, then dropped another thousand feet on the way to the park entrance. From there, we and the road followed the Yellowstone River as it wound its way out of mountains; at Livingston we left the Rockies behind for good, and we descended through the undulating and smoke-overcast plains.