It’s a little weird but for the most part I do believe that the parents are doing this for the kid’s future (plus they laid a golden egg for themselves too).
They could stop right now and put that money into a trust. Let’s say there is 10 million left after taxes and fees. Even at a weak 1.5% interest the kid could take home $150,000.00 per year and never touch the principle. I also hope the parents know that his views could drop to almost 0 at any time when the next cute tot comes along.