I'm sometimes glad that the CL standard is frozen.
Sarcasm aside, this is literally https://xkcd.com/927/.
Sarcasm aside for real this time, getting this sort of binding mechanism in a COND-like form is unusual. This effectively means that a programmer needs to inspect all previous COND* forms, instead of relying on lexical scope AND indentation as they normally would, to see where new bindings are made. This is like Common Lisp's LOOP, but even there bindings are only allowed at the beginning of the loop, before any iteration clauses.