The title says it all. The reason is, exif_data_load_data assumes APP1 marker data, more specifically it insist, the data starts with "Exif\0\0".
In the case of WebP (and probably others, like PNG), where exif is stored in a chunk, the data starts right with the TIFF Header (byte order, followed by 42 and 0th IDF Offset).
P.S. To test and/or verify one can convert a JPEG to a WebP, using ImageMagic convert or GIMP Export As...