What exactly happens to salt that makes it “expired”? Some sort of mould from the air growing on it or something?

If enough humidity and time gets in there, the salt can start caking and forming larger crystal clumps. However, the salt itself isn’t damaged by that process and will work fine if broken back up and used in the quality you need.

A best by date here would be a notice from the manufacturer that the product should be shelf stable at least that long before “degrading”.