As I understand it there are 2 mobi things, the mobi file/container and the mobi format. The mobi file/container is that where the file suffix is .mobi while the mobi format is the old PocketBook mobi format, inside the mobi file/container, which is quite limited in what it can do. A .mobi file/container has the ability to contain the book in
both the old mobi format as well as the newer KF8 format. With a .mobi file/container older kindles don't see the newer KF8 formatted book while newer kindles use the KF8 formatted book and ignore the old mobi formatted book.
I may have made a hash of that but the wiki here has a more complete explanation:
https://wiki.mobileread.com/wiki/MOBI