/.. points to /:
$ ls -id / 2 / $ ls -id /.. 2 /.. On this system, bothBoth have the same inode number, which happens to be 2 on this system. (The exact value doesn't matter.)
It's done for consistency. This way, there doesn't have to be code in the kernel to check where it currently is when it processes a .. in a path. You can say cd .. forever, and never go deeper than the root.