I have seen and done similar to that, but I never learned a name for it. I presume that what I am seeing is a spliced eye/loop that is adjustable in length? I first learned to do that when I saw one in a lanyard used by a Mexican climber.
That one does not look like it was properly done. Unless I am mistaken, there are only two loops doing any holding? Notice the squeezed appearance on the left side of the splice, and the stretched appearance of the left loop? This leaves an unequal number of twists in the individual strands, and that translates to a weaker rope.
Usually, you make three little loops with each one of the strands, and pass the whole rope through. The interval between the individual ropes can be adjusted, but generally, they are pretty close together, working much like a prussic knot.
When you use the loops, made from each one of the three strands that form the whole rope, then each strand of the rope will do equal holding, and share an equal load. Using only two loops will load the rope strands unequally, and will lead to a premature failure.
Depending on the tightness of the rope twist, you need to be careful to adjust the size of the individual loops for the correct tension and holding power. Too small: you can't adjust the length very easily. Too big: it won't be reliable under a load.
To make this splice (properly), you untwist an entire section of rope. It will automatically form three loops as you force the rope to untwist. After that, you adjust the position and size of each of the three loops so that they are in line along the length of the rope, rather than all in the same spot. I generally put one full rotation of the strands between each individual loop. Then you just slide the rope through all three loops for form the "eye". Squeeze, wiggle, and adjust until it looks and holds correctly.
This can also be used to permanently join two ropes in an adjustable length splice. If overloaded, the "prussic style" splices will keep sliding until they meet...and subsequently the rope will break if overloaded. There are probably not many applications for this particular application of the splice.
You should also understand that this type of eye-splice does not provide very reliable friction. Unlike the adjustable loopies and slings made with braided rope, this particular splice does not significantly increase it's "grab" on the rope when it is pulled on, so it only provides a weak friction hitch, rather than an "increasing hold under an increasing load" type of hitch.
