The EntitySchema extension, previously called WikibaseSchema, has had an interesting life since its initial creation back in early 2019.
The main point this story is intended to highlight is that EntitySchema started off its planned life as an Entity within a Wikibase. As the development team started work on an initial version, it flipped away from an entity. And in continued development, it has slowly inched its way back towards perhaps being an Entity.

Background
As is noted in the first ADR of the extension (which was actually written in 2023), the team initially decided to try and develop the extension entirely separate from Wikibase
Although Entity Schemas relate to Wikibase entities by name and purpose, the implementation of the EntitySchema extension, at the time of this decision, is completely decoupled from Wikibase, and the concept of Entities that it adds to MediaWiki. Thus, a MediaWiki instance can theoretically operate with only the EntitySchema extension, and without the Wikibase extension installed.
Keeping EntitySchema separate from Wikibase, and the idea of an Entity it provides altogether, was a conscious decision to not marry its implementation to the inherent complexity of Wikibase itself. As well as an attempt to avoid overloading EntitySchema with unnecessary functionality so that its ongoing implementation could be done iteratively and in a more flexible, organic manner, to answer user’s needs as they are brought to us.
0001 Extend Entity Schema to support additional “traits” ADR
In a nutshell, this extension, and the developments and discussions about it over the past years (and that are still happening today), was one of the things that has led me to recently writing a series of blog posts about what I think an “entity” is from my perspective, as well as looking at some other entities, and the use of EntityDocument in the codebase.
Project kick-off
Internally within WMDE, the extension started off (having already been planned and discussed for some time) with a series of kick-off meetings in December 2018. The first of which was deemed to have too many open questions, hence the follow-up of a second. Ultimately, a team formed around the creation of the extension and this started further discussions.