According to https://developer.twitter.com/en/docs/twitter-api/v1/data-dictionary/object-model/entities#photo_format , using the suffix is a deprecated format, and they've moved (starting in 2015, but full internal use by 2017) to a query parameter version. The reason given is that:
Using the modern format will result in better CDN hit rate for the
caller, thus improving load latencies by being less likely to have to
generate and load the media from the Data Center.
(From that page, the 'modern', preferred URL would be https://pbs.twimg.com/media/CrhajQHXgAEQ2US?format=jpg&name=large
.)
So my guess -- emphasis on my and guess -- is either that in the early days they decided to use the suffix format without complete thought on what would be easier for caching, or that you're right, but caching caught up with query parameters in the mid 2010s.