Obscure historical reasons. Tyre diameter size codes, other than ISO, originally nominally referred to the overall diameter, rather than the diameter at the bead. The trouble came when a range of widths, therefore depths, were made available. Different countries and manufacturers came up with different naming systems, and there were overlaps and silliness.
This is why it's important to check the ISO (eg. 406mm) when in doubt, as this refers to the bead diameter.
It says in the OP - Speed 7 machine
Sorry I didn't pick that up - because it doesn't sound like a model name. They could have thought of something more interesting!