Yes, the hashed payload contained a password, so presumably they didn't want to just SHA it.
According to the security advisory this cache was for AD/LDAP delegated authentication, so they don't have their own password database with a version field or similar for sensible invalidation.
I guess the requirements could be something like:
- different username/password combinations must have separately cached results
- mitigate a potential data leak by putting all the entropy we have available together with the password material and using a slow password hashing function