Because it's 1 year + 1 month + 1 day.
1 year (366 days): See the ballots and accompanying discussion linked in other comments about the proposal to reduce validity to 1 year.
1 month (31 days): Grace period for human beings, to permit weekends, vacations, and continuity handoffs.
1 day (timezones): Grace period for browsers and shared libraries, to survive the timezone math issues with "It's one day greater than today somewhere in the world". This ends up baked into the process as follows: Certificates will be issued for "397 days or less", browsers and libraries will validate as "398 days or less".