It was Monolith's recruitment art shortly after BotW released (so around the time TotK first entered pre-production in 2017). It's supposed to invoke the feeling of what the team will be working on without flatout saying it's Zelda before it was announced.
As for the art itself, Monolith has a yearly internal contest to design art for the recruitment page. Unsurprisingly, the winning artist that year was obviously inspired by the award winning game the studio had just finished working on.
