The p is for polygon, and 300 is for the value in meters used in the simplification threshold done when generating shoreline_300 from processed_p.

It’s possible that the shoreline_300 and processed_p shapefiles on the server are out of synch, and that the square you see was also present in an earlier version of processed_p.

processed_p is generated from the planet data, by the Coastline error checker. As mentioned above, shoreline_300 is then derived from processed_p by running ST_Simplify(way,300) on it.