This is a good question.
It is not obvious why that is "the" right answer, or whether there is a "right" answer, but it has to be set to something.
I think this only matters after returning a nested trap, e.g. a first trap into S-mode there was something that caused entry to Smode, and then a second horizontal Smode->Smode trap. That second entry will effectively overwrite the value of SPIE.
When the second trap occurs, the original SPIE is overwritten, and either it's a fatal bug (because you've lost the earlier value of SPIE), or the S-mode code anticipated the possibility and saved SPIE, so will restore the value before returning This overwrites the "1" that was filled in by the return from the second (nested) trap. So, if this analysis is correct, I'm not sure when it would make a difference what value is set in this case, but it is deterministic.