What does 5|5 etc mean?

Can't seem to find an explanation of the ratio-looking category thingies in rated Chess.  Can anyone illuminate??

Sure. The number on the left side of the bar shows how many minutes each player gets when the game starts. The number on the right shows how many seconds each player earns after making their move each turn. These two numbers, therefore, shows what kind of time management each player should prepare

Thanks!! That sounds like a kinda contrived system... am I missing something?

No I think they are there for match standards and records, chess can be played without such rules (as you can see in Daily Chess and other real life chess without a time limit.) Hope it's the answer you were looking for!