I think the 3.5 mi/kWh is based on the EPA rating (109 mpg-e for the FWD which converts to about 3.3 mi/kWh). If it was based on your actual travel, at the very beginning, depending if you live on top or bottom of a hill, the reading would be ridiculously low (like near zero) or high (like near infinity - smaller denominator, larger value).
So the EquinoxEV starts with the 3.5 and adds in the data from the miles traveled and battery usage, making the 3.5 go up/down/stay the same; i.e. the formula probably starts with a constant of 3.5 and adds (miles traveled/battery consumption) as a secondary term.
In the Bolt, the real-time efficiency graph would auto-scale and sometimes the peaks would be way high, near a value of 99 mi/kWh (going downhill with lots of regen). I notice the EqEV graph just plateaus above a certain value inferring the high peaks are meaningless in the grand scheme of things. Better to see how close you are to the average value of about 3.7 mi/kWh (for the FWD).