It's actually reflecting the shape of the LED's emitter die.

If you look in most high output LED lights, the emitter area, which you'll see looks like a little yellowish square. "White" LED's are actually blue LED's with a coating of yellow/mix phosphors, like on the inside of an old-fashioned CRT television tube. It absorbs the energetic blue light from the actual LED, and then re-emits some of the energy in a mix of yellow, red, and green and some of the original blue gets through, which averages out to a whitish looking light to the human eye. Although usually much crisper and bluish looking than incandescent light.

The newer LED bulbs for household use have a warmer more reddish/orange mix of phosphors for a more pleasing interior light.

Well made flashlights usually have a lens over the LED itself, and the reflector will spread the light out more evenly, but sometimes the LED's shape will just project right out of the flashlight.

The holes in the reflector are definitely odd...

Does it have other functions? Like a laser pointer passes out of the holes, or low-light red LED's?  Or they're just spanner points to screw the "reflector" in which really just acts as a filler or bezel and isn't shaping the beam at all.