The circuit is a fully-developed versatile driver for the electrodes (arc welder, I guess). All the components are popular.
It is versatile because you can vary the frequency and duty cycle to the electrodes.
If you wish, you can experiment with just the 555 timer IC driving the mosfet. There are easy ways to adjust the frequency and duty cycle, without a need for the 741 op amp, or the 4069 inverter (6 on one chip).
I have not used the mosfet driver IC. An expert here might have better advice about that than I would give.