It was originally a week, a conservative time period that it would be difficult to manipulate the price or the median feed price over. A week was found to be overly conservative and it was halved. 3.5 days is still pretty conservative but it hasn't been changed since.
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Thanks! Was the change from 7 to 3.5 done at the same time as the PD time reduction from 2 years to 13 weeks? Or was it a separate change?
Yes, hard fork 16.
https://hive.blog/steem-history/@gadrian/peeking-into-steem-s-history-hardfork-16