It's so-called "in band metadata". In these days video was analog and there was no way to supply additional metadata (like timecodes from the camera) besides the video, but remaining in sync. So they simply put the data IN the video ("in band"). As television sets usualy had quite a large overscan area, you were supposed not to be able to see the data.
Besides that, analog video recorders were not able to record the complete picture (including the "overscan" areas) so they would produce noise in those area's (due to limited bandwidth and heads on the drum that needed to switch between each field).