If I see the pictures correctly.
Yes, I've seen them. Don't know that exact smith/maker as the picture is not that clear on my phone.
It's for competition revolver shooting. The holes in the top are to help hold the barrel of the revolver down so the shooter can get onto the next target as fast as possible. The slots are standard muzzle brake concepts.
Unless that is the S&W 500. If that is the case, it is all intended to push you back against the nearest wall even if it's a 1/4 mile away. Instead of pushing you over into that 6' deep hole behind you.