Not entirely convinced, but back in the 60s and 70s there were multislot milling cutters that used serrated HSS inserts similar to that shown. The inserts were held by friction, and designed so that the cutting forces pushed the insert into the pocket. They were presumably introduced to avoid the expense of a large lump of HSS, only a small part of which was used for cutting. Easier to sharpen as well. They were soon superceded by carbide insert cutters.
Holders are still advertised on Ebay at silly prices as they're totally obsolete and the inserts are long since unobtanium.
Andrew