This is the acquihire model. You don't actually have to do the acquihire.

A company could just offer folks jobs directly (CA frowns on companies working to block employee mobility given employers can also fire folks with basically no notice). But it smooths things to wrap it up in an acquihire.

Startups often get offers like this.

Wasn't there a recent case on HN where google or apple after the company rejected the aquihire just offered the positions to staff directly? I think they got sued?