The 50 ohms from the source to the output jack, feeding a 50 ohm cable into a high impedance (1 megohm) load is called "series termination", and is a common configuration for signal-level connections, since it consumes less power.
If the load is truly high, and the 50 ohm source impedance is a good match to the 50 ohm cable, then a 1 V pulse feeding the 50 ohm output resistor will result in an initial edge of 0.5 V at the output connector, which will encounter a positive reflection at the load, boosting it back to 1 V. The reflected 0.5 V pulse then travels back through the cable to the 50 ohm source, where it should be absorbed, and everyone is happy.
Double termination, with a 50 ohm source and 50 ohm load helps protect against mismatches, at the cost of only half the available voltage. A small mismatch at the source and load will result in a very small "echo" at the load, since the small reflection from the slightly wrong load will hit the slightly wrong source and be reduced further before it travels back to the load.