That is a very weird format. As a string it works, but as an integer it's equally as difficult, operations-wise, extracting data from that as it is from a *nix timestamp. Or 1/60th of a *nix timestamp, which would match the accuracy there and would last far past 2038.
I assume it was done by a programmer desperate to save space, but not smart enough to know how to parse a *nix timestamp. Or perhaps too lazy to use a function when printing or logging the timestamp.