Yes so they can tighten or loosen it at their discretionAs a Mets fan - I love the blue leather and lacing. And the look of the longer laces is also growing on me - no idea if they would quickly get annoying flopping around during a game.
I also noticed the longer laces on your wrist strap - the A2000 I got my daughter came the same way. I thought it was a nice touch - leave that part undone to let the player adjust the tightness to their own preference. I was planning on tying those off once broken in, but your other post indicates that it's supposed to left untied - have you seen other players leaving it like that?