That's a bit odd, but the bowl carvers a bit further into the video are using axes with the extended part cut off more like we'd expect.
Tool axes are normally hafted with the head having the haft joined from the bottom into the parallel sided socket, wedged to tighten, and the protrusion cut off. This has the disadvantage of any shrinkage or loosening allowing the head to fly off.
Tomahawks are usually provided with a tapering socket, wider at the top. The grip end of the haft is smaller than the business end, and the head is moved up until stopped by the taper of the upper end. it is then sawn off, either flush or leaving a bit sticking out -which allows you to just tap the end on the ground or something hard to re-tighten the head. Weapon axes can be made this way too. One does not want one's axe head to fly off at the wrong time. I have a large Dane axe like that. The video ones are likely made like that.
These guys have taken that a bit too far tho. I expect it would interfere with your swing in tight spaces. Or if you want to square a tree for use as a beam when it is lying on the ground.
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