Yes, UP used this way is a little confusing maybe. As someone said, this is mostly used by a person in aurhority (boss, teacher, coach, military officer) when speaking to a group of subordinates.
Still, UP is odd. Here are some other examples.
Mount up: get on your horse, into your vehicle, etc.
Gear up: (often military) get your equipment and get ready to move.
Saddle up: like mount up, but specifically for horses.
Lawyer up: Realize that your legal situation is serious and get an attorney; stop answering questions freely without legal advice.