It should have existed around the same time and other parts of MS were using it. I think it was released around 2005 but MS probably had it internally earlier.
NT created (well not NT itself, IIRC, there was some an MS-internal developer tools group in charge)/moved to source depot since a shared file-system doesn't scale well to thousands of users. Especially if some file gets locked and you DoS the whole division.
Source depot became the SCCS of choice (outside of Dev Division).
Then git took over, and MS had to scale git to NT-size scale, and upstream many of the changes to git mainline.
Raymond Chen has a blog that mentions much of this - https://devblogs.microsoft.com/oldnewthing/20180122-00/?p=97...
It wasn't too bad for a centralized source control system tbh. Felt a lot like SVN reimagined through the prism of Microsoft's infamous NIH syndrome. I'm honestly not sure why anyone would use it over SVN unless you wanted their deep integration with Visual Studio.