I've come across a few websites that have a link ( or several links) with anchor text and once clicked - it just bounces back to the same page that I'm reading. So I'm wondering is this some sort of SEO strategy or something
Probably just placeholders for future links, or just sloppy HTML. Website templates come with the default page on all links. Likely as not they forgot to change them.
It is most likely what vithca stated. However, I read somewhere a few years ago where someone claimed that putting anchor text on your page and pointing back to yourself will increase rankings. It is pure bull but all it takes is the idea planted for some people to believe it. I am not sure if this is the case or it is just as sloppy work.
Sounds like they just dont bother checking where the links are going if its on a free template maybe.