My guess is that this formula was for guesstimating starting current on a motor; 600% is a usual value to use for that. But simply dividing HP by voltage doesn’t get you to FLA, and the percent sign may have been lost in the fog of time. So it might have originally been 600% of kVA/V, or even 600% of kW/V, which would be an over-estimated way to be sure you were covered, because by leaving out power factor, you are going to end up with a higher value and if using this to quickly estimate the size of a service or generator, it’s a safer bet. It’s nothing that is officially sanctioned anywhere though, it sounds more like a “rule of thumb” issue no matter what.