It's an artifact of the transition away from year-based releases to a subscription. Customers were used to Office 95, Office 98, Office 2003, etc. 365 sort of matches that pattern, so customers aren't excessively disgruntled, while signalling that there's a "release" on every day of the year, it's constantly up to date.
And I guess they've just kept it since even though it's not really necessary any more.
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