My guess is that author wanted history-search-{for,back}ward in their .inputrc for up-down keys but missed that somehow. The default history behavior is undoubtedly tedious. https://unix.stackexchange.com/a/20830
The only thing I’d do to history-search- is to show a list of variants (like in wildmode=list:longest or similar) instead of presenting them one by one. Pretty sure it is already possible.