Good question, I have seen many others with the pad on the other side.
As you can see the pad is rather thick. Here is my opinion as to why many were assembled that way: If the pad was on the other (common side) a hard hit could cause the blade to go through the figure eight. With the pad on the outer side covering the whole guard, if one were to hit it, it would be reinforced by the guard.
I notice there is no socket for the body cord. WOW, then its true, the wireless equipment has indeed been around much longer than anyone expected. I'm sure Nikolai Tesla had something to do with it!
At least on the calvary sabers that I have the pad is on the outside for the simple reason that the scabbard was either all metal or had metal on the throat of it and the pad kept it from scratching and denting the nice shiny guards.
With metal tips on the end and presumably no plastic/rubber caps, the pad probably kept the guard from getting chewed up to badly. That would be my somewhat educated guess anyway!
Just another lost soul saved by the (hit) First Church of EPEE!