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What’s going on with this 50bmg?

One of my boys recently got to tour the National Museum of Pacific War in Fredericksburg, TX. He brought home this souvenir. Any rhyme or reason why the bullet was turned?

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Because it is an armor piercing round. It has a tungsten steel penetrator. The cannelures couldn't be impressed so they were turned.
 
The aluminum color tip identifies the bullet as armor piercing incendiary. Meangreen's explanation sounds good to me.
 
The aluminum/or grey tip is indeed an API round. However all of my API pulls have the serrated cannelure that is normally seen. That one is a bit unusual appearing, but it is not due to the tungsten slug because the cannelure is usually impressed into the jacket. The round appears to have the normal rolled crimp into the bullet groove. What is the headstamp? Could the round be non-US manufacture for which the cannelure might be machined? I recently ran across one Argentian brass that is Berdan primed in a batch of one-fired I purchased. All the rest are LC or WCC and of course boxer primed.

added in edit: looks to be South African in origin having smooth crimp. See http://www.cartrology.com/cartridges/2353 for details.
 
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