And what does age have to do with anything?
It is the only format, widely used anywhere, especially if Apple is also involved (FAT32 - even much, much older - cannot be used in most modern environments outside Apple).
Almost all digital cameras use ExFAT as transport format, and if I - by accident - write to the card on my MacBook Pro, I risk destroying valuable content (not caused by overwriting, but by a buggy Apple ExFAT implementation) - is that acceptable to anybody? No other platform introduces this kind of lottery risk into media handling.
Very few video or cinema cameras (even in the price range far beyond extreme luxury limousine without lenses) support NTFS or some Linux formats and still fewer HPFS+.
A lot of other products using Memory cards also use ExFAT as a universally acceptable format.
Whatever you may think, this is the goto format for physical media based data transfer in this world, even at this day and age. Period!
Of course, I could just scrap all my Canon, Olympus and Panasonic cameras, Canon, Tamron, Sigma, Olympus, Panasonic and Leica lenses while I'm at it. (without cameras, no use). The rest of the world - whether using video, cinema or standard digital cameras - will of course also see the light, and immediately stop using perfectly good gear worth maybe hundreds of billions, USD or even OMR, on your advice - eh?
Problem is, Apple is not too keen on us using HPFS+, practically nobody - and no one, that I know - outside Apple (10% notebook market share? Lower in business use) handles APFS, and everyone else uses either NTFS or one of a few Linux formats.
Plus ExFAT as "universal" transfer method based on the "Apostles Horses" method of media based data exchange.
If you're filming in most of the world, not only in deserts like Sahara far from everything, Internet is typically miles away too. And often extremely slow, when reached. You still need to backup your media, just in case... Using Windows gear, no problem. Using Apple gear, ehh...
Apple is obviously too poor to pay the required license fees (to allow write to NTFS), and also too poor to test, that their ExFAT implementation is actually still working as it should do - ie reliably without risking data damage.
The rest of the world - even outfits far smaller than Apple - seem rather good at handling ExFAT.
Regards