That one isn't in the wallpaper picker from the homescreen. Weird.
Nexus 5 Stuff: Default wallpaper found
Under the very same folder inside framework-res there is a platlogo.png used to be a jelly bean image displayed on easter egg, unsurprisingly it has become the Android+Kitkat logo.
+Ishaan Garg It is the same without red background and you will need Android 4.4 earn the egg. I had just look into smali, confirmed the way to triggers easter egg and developer options remained the same.
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