My natural follow-up question was "why can't you just have K1 = L?" Obviously it's inherited from CMAC, but why does CMAC do it?
Investigating further, general-case CMAC involves generating a K1 and a K2, which afaict just need to be arbitrarily different from each other. So why not something even simpler, like "xor with 1"?
The multiplication in CMAC is there to distinguish between full and partial final input blocks. It can't be simply a xor with a constant because that would be easily cancelable in the input, and wouldn't satisfy the required xor-universal-like properties required by the security proof.
The input here is highly restricted so there's no point to it.
Investigating further, general-case CMAC involves generating a K1 and a K2, which afaict just need to be arbitrarily different from each other. So why not something even simpler, like "xor with 1"?