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Really not so unusual. Just a visual representation of how likely the target is iron or not and how strong the signal is. Just about all good detectors will display that information one way or another. Personally, though I rarely consult it these days, I think it is a very good design on XP's part.
Maybe the horseshoe design just fit better It's a slick way to show both target composition and signal strength at the same time. I suppose they could have used bar graphs or many other ways to do the same thing. Let's call France right now and find out why they chose the horseshoe