I think you can find your answer here (it's the only "official" source I've found that talks about this): HTML Standard.
Taken from 7.8.1 Navigating across documents
If resource is a request whose url's scheme is "javascript" Queue a
task, on the DOM manipulation task source and associated with the
active document of browsingContext, to run these steps:
Let response be the result of executing a javascript: URL request
given resource, the source browsing context, and browsingContext. Run
process a navigate response with resource, response, navigationType,
the source browsing context, browsingContext,
incumbentNavigationOrigin, and activeDocumentNavigationOrigin.
Basically, the javascript: can be used as an url scheme which (just for adding something to the boilerplate) was and still is used for many XSS injections.
In that case specifically (upon a click event) it sounds unnecessary indeed, while it could be useful on an href, as you may see here (fiddle linked because the StackOverflow snippet manager doesn't allow alerts on javascript:): https://jsfiddle.net/73rmzjgw/