TextEdit could have a bug in its 'guess the character encoding' code that leads to a buffer overflow, or it could have a bug handling malformed UTF-8.
Its 'guess the character encoding' code also might have a 'wait a minute, this is RTF/PDF' feature.
Of course, Apple could trust its own apps, but I think they should not (why increase the attack surface?) and that would lead to complaints "why can't I tell this OS that my text editor can be trusted?".
I also think (but have no data on it) that this "open a .txt file you downloaded" check is very rare for 'normal' users. If they download at all, it is Word documents, PDFs, movies, and applications.