This is the approximate average height from waist to the top of the head. It also corresponds roughly with the average car tire.
Note that you can also use the circular area fire marks for closer range use; since they are 70" at their listed distance, they measure 35" at half that distance (so the 800m circle is 35" at 400m, for example). This might potentially be useful for ranging targets in the prone, or just when convenient.