Export As TrueType -- Filename Has "OTF" Extension

The filename is set in the Export Settings dialogue, and can be other *.ttf or *.otf.

The filename extension is inconsequential, as you discovered, since either will work just as well.

I prefer to use *.otf for my fonts since they contain OpenType features, but OpenType fonts do not have to contain OpenType features.

What is the Difference Between Truetype and Opentype?