BL doesn't?
What do you mean? This is a lie or something else?
Their definition of "physics based" here is extremely generous. A game like ExAnima or qwop is physics based because they actually simulate the animations and player actions, but bannerlord just approximates them like almost every other game. If bannerlord is physics based, so is The Sims.
The system bannerlord currently has is a mishmash of approximations of physics without actually simulating any of it. Warband was something similar, but bannerlord now has tonnes and tonnes of tiny variables like the side that your weapon is currently on, or the direction you're moving or whatever, leading to inconsistent action timing because so many things can alter it. During the beta this was really noticable and was the main sourde of controversy.
That blog post isn't necessarily a lie, but from all the testing people like noudelle and gabby and others have done during the beta it's clear that it's just a few variables affecting the timing. The attack animations are the same no matter what happens.
On the other hand game like exanima
is physics based because all the limbs and actions are simulated directly. When you swing a sword it actually swings, and can't clip with anything because it is actively checking for collision with other objects in every frame. When the sword hits something it imparts a force to every part of the object it touches. None of the animations are pre-made, hence why the game is so janky, and why characters trip up so often.
Meanwhile in bannerlord you just have canned animations that play whenever an attack is made, and when the sword is in the approximate area of an enemy it checks the direction the bone is moving in and works out if there was a hit or not. This may seem pedantic but in practice the gameplay difference is huge.
I dont think bannerlord is somehow a worse game for not using a physics based system, in fact the game would be far too inconsistent if the sword swings were actually simulated, but it's not physics based any more than any other game.
Bannerlord also tweaks the animations slightly with a system called inverse kinematics, which is why shields recoil and why both your feet touch the ground even on a slope, but this system is completely detached from the gameplay and is purely cosmetic.