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The reason that I found this was happening is because Steam is exporting the video under the default H.265 (HVEC) codec, which default video players do not support as of Windows 11 (Microsoft is trying to scam you into paying for the codec extension for it). If you go to Custom when you're exporting and change the codec to H.264 (I believe you can set this as the default under settings too), that allows it to be playable by default video players. Alternatively, download a player like VLC that can support a broader range of codecs inherently.