First off, the perspective is confusing. The camera is located on the right side of the rocket (I'm treating the zenith as "up" and the direction of flight as "forward"). So when it pulls to the left shortly after the engine shuts off, the vehicle is really pitching up while in a steep dive.

The goal of this maneuver to lengthen the descent path, which in the absence of an atmosphere would be a pure parabola (or more accurately, a suborbital ellipse). Passing through more air means shedding more velocity due to drag, and therefore less fuel is needed to land. Geometrically the best way to do that is to pitch "nose up."

No drawing skills except shitty MSPaint, but that's never stopped me before. https://i.imgur.com/VLYXDOf.jpg