Notation used in quantum mechanics.
The projection operator is completely specified by the vector that we are projecting it on. This is why the bracket notation makes sense.
It also has the merit of clearly differentiating vectors from operators. E.g. it is not very clear in that is an operator and is a vector, except due to the relative position to the dot. This is especially bad when we start manipulating operators by themselves without vectors.
This notation is widely used in quantum mechanics because calculating the probability of getting a certain outcome for an experiment is calculated by taking the projection of a state on one an eigenvalue basis vector as explained at: Section "Mathematical formulation of quantum mechanics".
Ciro Santilli thinks that this notation is a bit over-engineered. Notably the bra's are just vectors, which we should just write as usual with ... the bra thing makes it look scarier than it needs to be. And then we should just find a different notation for the projection part.
But in any case, alas, we are now stuck with it.