Frontmatter is not part of the original Markdown spec, but it became a standard way to add metadata to Markdown files long before Obsidian came along. I believe it started in 2008 with the introduction of Jekyll:
https://tom.preston-werner.com/2008/11/17/blogging-like-a-ha...
Frontmatter is supported by almost all SSGs and many apps like Obsidian add autocomplete and other QoL features around it.
Bases to me is exactly what you describe. A feature that provides an excellent editing environment and extensibility for Markdown files.
For example, my blog is a set of Markdown files compiled with Jekyll, that I edit in Obsidian. Now I can add a base in Obsidian that helps me see the state of different blog posts/pages, quickly sort/filter them, and edit their metadata. It helps me spend more of my time editing Markdown files, but at a higher level.