That syntax can only possibly be a label. It's creating the label document and then executes one statement within it (HideContent()). Since the label isn't used within any loop construct by the author, it's pointless.
I suspect the author of the code doesn't really know Javascript and wanted to do something like call HideContent in the "global scope", but found document.HideContent to not work and pounded on the code until it stopped throwing errors. That the result is rather nonsensical and doesn't actually do what they thought it does didn't occur to them. This will work exactly the same when you simply omit document:.
(BTW, the "global scope" resolution would correctly be window.HideContent().)
codefunction HideContent(content) { // ... do something with content } document:HideContent('content1');code