At first I was confused because of how similar this sounds to semver, but it's really just changing the granularity from (major, minor, patch) to (release, major, minor), where "major" versions break compatibility in both schemes.
(release, major, minor) is honestly how versions often get used in the wild. Especially in CD contexts where every change is versioned and deployed and the meaning between patch and minor gets a little lost.
At Bond we’ve used pragmatic versioning with the names:
vMAJOR.MINOR.PATCH[.TWEAK]
Indeed the TWEAK is only for hotfixes, though due to pushback from other devs using semver parsers, we've had to hold back on the tweaks. (Though it’s awkward in a hot fix situation.)