I don't like using thought-stopping cliches any more than anybody else does, but this design feels a little cargo-culted. All this stuff follows the more fundamental question of "why is the password mixed into a cache key"?
* bcrypt(SHA-512(PW || stuff))
* SHA(stuff || bcrypt(PW))
Disclaimer: Not cryptography advice.
It's still unclear to me why the password is in there.
Perhaps they did not want to apply cache invalidation purely by the passage of time, or want that passage of time to be long, but wanted to treat a credentials update as a cache invalidating event. A safer way to implement that would perhaps be to have a concept of a version of an account, incremented when authentication options or other significant properties change, and including that in the cache key.
I'm not sure why it would matter though: even if a credentials change does invalidate the cache from the PoV of the user looking up information, the information is potentially still in the cache so could still be referred to by someone else who has gained knowledge of the old credentials.
