The jam is for the ICM pressure (especially with how close the three stacks behind are) and having good blockers to jam with. Everyone behind is supposed to call pretty tight on 20-22BB.
You can fold out hands as good KQ and AJ by jamming, as well as smaller pairs you'd be flipping with but would have to fold to a re-shove, let alone weaker Ax hands that might take the opportunity to reshove. Basically, you have a strong enough hand that it's not a disaster if you get called, but all the stacks behind you have strong fold equity to reshove, and you want to take that play away from them.
Whether or not it's the optimal play, I'm not sure. But the reasoning behind shoving vs. opening here is sound, I think.
I looked up the tourney in question to get prize pool numbers. I had to fudge the ante-- these ICM calculators don't let you use BB ante-- but
as you can see, CO can shove profitably pretty wide, and everyone behind has to call pretty tight. (BT and SB should be at 99+, AJs+, AQo+; BB can call with 88+, ATs+, AJo. And that's assuming CO is shoving this wide and they know that.)