When the salt is applied before the text is salted , then what is "that"?
It seems you are looking at Modular Crypt Format.


2y identifies a specific version of the bcrypt algorithm 
10 specifies the number of rounds
M8z/Bcli/eh3ay5.4w4Y5. is the salt


and the rest is the hash according to the modular crypt format bcrypt page.

It seems the Modular Crypt Format is "deprecated" in favor of PHC-SF which does however look similar.