Just to nitpick - most image file formats - JFIF ("JPEG"), PNG, TIFF etc. - do have metadata for the intended physical size and aspect ratio of a pixel ( i.e. 1/PPI or the metric equivalent). Whether that's actually set depends on the source of an image. For an image from a flatbed scanner, or exported from a graphics/WP/DTP package that lets you set the intended dimensions of the image, the PPI may well be saved in the image file so most software will automatically scale it sensibly. If the source is (say) a digital camera or scanned film negative that has no meaningful "natural size" then the PPI data will either be set to some arbitrary value, or just be missing - in which case some other bit of software further along the line will choose a default. 72 ppi is a popular default value.Image files don't have a firm or saved PPI.
Back in the day, 72ppi was the screen resolution of the original Mac, which also made 1 pixel approximately equal to 1 printer's "point" - in fact the rise of DTP, primarily thanks to the Mac, led to the de-facto standard "point" getting standardised as exactly 1/72". For a while, all Apple displays were 72ppi - a bigger screen just got you more pixels.
But the key thing is that it's just a hint to software on how much to "zoom" the image when it is displayed or printed.