My thought is that initial development of the earth simply had that much CO2. I never researched the concept, but some think that oxygen levels were far higher too. Otherwise it is difficult to have life forms as large as dinosaurs were. Think about it. Strength is affected by oxygen concentrations in the blood. You take any life form and scale it up, the result is not linear between weight and strength. That's why ants can carry 50 time or more their weight. Just doubling the size of something in three dimensions yields eight times the mass, but the two dimension cross section across muscles only yield four times the strength.
My personal untested belief is that we had far more land and much less ocean thise millions of years back. No huge ocean to absorb CO2 and Oxygen, nitrogen, is a wildcard. I hadn't considered it. Where did the ocean come from? Slowly over time, two thing happen, and contine to happen today. The orbit of the Earth crosses the path of comets that have left behind water from the sun's radiation. Also, we have Coronal Mass Ejections that add matter to the earth. Primarily hydrogen, which combines with oxygen in the atmosphere to make water. Who really knows how million of years of this has changed the earths properties.
Since we have no records from the past, we can really only make wild guesses. If we assume that temperature range from Sec24Row7's is accurate, then it should be noted that the earth has stayed within a specific range through volcanoes, and all other changes.

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