Highly conservative splice. Has 2 "strength knots" in the lower portion. Ever try to nail in a knot? They are tough. Builder made sure he only put a member on one side. Putting a member on each side would have caused the forces to split apart near the end to go to each side equally. That "splitting" of the forces may cause the wood to split too. Always remember Load Path. Shrewd.
I zoomed in and do not see any evidence of overnailing. Overnailing can destroy a precise connection such as that. One nail is all I see at the top and possibly one at the bottom. I guess an 8d box nail was not conservative enough so it looks like a 16d was used. Possibly wasteful.
Splice not tall enough? Add that 2x2 and possibly a 1x2 at the top to match existing. Solid LVLs are highly over rated. It is better to use scrap lumber rather than new material. Build Green!!!!
And lastly, the lap length. Basic rule of thumb, the lap length in inches should match your IQ divided by 3. So a 4" lap means, damn, no calculator available. Based on my guzzindas, that would be 12.
But I am really sure it withstood the Billy Joe test. (my apologies to any Billie Joes in the thread). Billy Joe stomped it with his right foot one time and it did not collapse.