Interesting.
In my fair city, we have a similar road that functions in much the same way -- except that it's not signed or sanctioned by the City; it just happens organically when traffic is heavy. When I first moved here, it made me crazy. People are in total disregard of the traffic laws and it's a free-for-all out there. It made me very uncomfortable as this is a good commuting route for me. (In addition, people also chose to pass on the right whenever possible -- in the bike/ bus lane or just in the shoulder/ parking lane; it doesn't matter. If you're not driving 10+ mph over the speed limit, you WILL get passed on the right -- in the middle of the City on a two-lane street.)
Interestingly, after having driven that route now for 2.5 years and seeing this lawless behavior -- in one way or another -- almost daily, I've gotten used to it. And I've also not yet seen any accidents on this route -- crazy since it truly is a free-for-all. I guess it's an understood free-for-all where most (yes, local) drivers understand the system. If you are driving faster than the car(s) in front of you, go ahead and pass. Use the middle turning lane or use the bus/ bike lane; it doesn't matter. Just get safely around them and move on.
I'm not condoning it. But I'm also not denying that it works...
[Aside, I was involved in an accident once when crossing the Hudson River on a bridge where the middle lane alternated with traffic. The retractable bollards would differentiate between directions (as would a directional sign above the lane). A dump truck in oncoming traffic got too close to a bollard, causing it to fly into the air and directly through my windshield. Thank God, it did not hit further up on the windshield where it may have hit ME; it destroyed the windshield and damaged my dash but I navigated off the bridge to pull over successfully without personal harm. It certainly freaked me out though and I hate those bollards!