Is it? Seems superior to arbitrary magic numbers or headers, and God forbid full naive parsing, in most ways.
At least file extension is limited and externally visible (and thus accountable) to third party behavior, which should limit the worst complexity excesses.
Is filesystem metadata actually different (theoretically) from extension? Or just data in a different format?
Extension seems a nice balance between simplicity / brevity and utility, albeit as a hint, not a commandment.