Those equations and the corresponding ones for y'
define covariant and contravariant in this (obsolete and horrible) approach to tensors, so it's a bit odd to ask why the equations look the way they do. It does however make sense to ask why those terms are used. The idea is that in the covariant case, the matrix that transforms ##\begin{pmatrix}x\\ y\end{pmatrix}## to ##\begin{pmatrix}x'\\ y'\end{pmatrix}## is the same matrix that transforms the basis vectors (hence the term
covariant), and in the contravariant case, the matrix that does the transformation is the inverse of the matrix that transforms the basis vectors (hence the term
contravariant).
The modern approach starts with a vector space V. Its dual space V* is defined as the vector space of linear maps from V into ℝ. Now suppose that ##(e_1,\dots,e_n)## and ##(e_1',\dots,e_n')## are ordered bases for V. There must exist numbers ##M^j_i## such that ##e_i'=M^j_i e_j## (each of the primed basis vectors can be expressed as a linear combination of the unprimed basis vectors). Now we can examine the relationship between the components of an arbitrary ##v\in V## with respect to these two ordered bases. It turns out that it's given by ##v^i{}'=(M^{-1})^i_j v^j##. Because of this, the n-tuple of components is said to "transform contravariantly".
Edit: I fixed a typo in the paragraph above after it was pointed out by Matterwave below.
There's a simple way to use an ordered basis for V to define an ordered basis for V*. Because of this, it makes sense to ask for the relationship between the components of an arbitrary ##f\in V^*## with respect to the two ordered basis for ##V^*## that are defined from the two ordered bases for ##V## mentioned above. It turns out that the relationship is given by ##f_i'=M_i^j f_j##. Because of this, the n-tuple of components is said to "transform covariantly".
You can find many of the details of this approach in
this post. I also recommend chapter 3 in "A first course in general relativity" by Schutz. It's a nice introduction to this stuff.