That is the right way to list ingredient.
The highest content is listed first in decending sequence.
Coke list water first, yet so many buy.
Imagine if soy product beverage have soy > water then would it be mud like ?

Soy Extract means they do not use fresh soy bean, they buy processed concentrate, that is basically what soy extract is. So if you want a good soy product, if you see the ingredient list is Soy Beans, Water and Sugar (if you launch unsweetened soy in Malaysia, no one will buy) and they can give you high protein level (of 5%) then that is a very good product. The cleaner the ingredient list, the better the product.

Soy milk mostly produced by using UHT (ultra heat treatment) process, that is why it is an ambient product. Depending on the cooking process and the UHT process, certain soy milk can have 9 months shelve life without having to add preservatives, but that processing equipment is very expensive.

People use soy extract mostly because they do not have beans processing equipment, and they don't want to deal with okara, which again is a cost factor.