Since these types of wrenches were originally designed for aircraft hydraulic fittings, I'm thinking it was made to fit the two most commonly sized fasteners the mechanic would work on during the day. Either Bonney did it, or the mechanic did. I've never seen such a stepped OE before on a Bonney, so, I'm leading toward real nice end-user modification.
The larger fitting would be more near the end, with less "meat" of the wrench grabbing it. For that size fitting opening, not very much of the flat would be contacted - from the looks of it. So, I don't think it would be a high torque situation.
All just a guess.