The point is not that ETH has anything to do with P or NP, but that the bounds theoretical CS chooses for its conjectures tend to be extremely round and convenient. Does reality actually prefer such nice, round bounds in general? Does reality prefer them in the case of P and NP?
In essentially all cases, we have no real reason to believe or disbelieve. We choose these bounds because we can't do better. It's often the case that we later prove them wrong with some extremely strange result. Here, we have weird bounds for 3-SAT, and a few weeks ago we had one for integer multiplication.
But this has also happened repeatedly throughout history. In the 50s Kolmogorov conjectured that n-bit integer multiplication was \Omega(n^2). Karatsuba produced O(n^{1.58}) during Kolmogorov's seminar on the topic. Strassen discovered matrix multiplication is O(n^{2.81}) while trying to prove it is O(n^3). And on and on and on.
Maybe P and NP are well-formulated and they do perfectly capture our intuition of "efficient" and "efficiently verifiable" algorithms. Or maybe they don't. We are probably going to keep finding extremely weird, cheesed-out bounds for famous problems, though. You can choose what you want to believe, but I think it would be more remarkable if the reality of P and NP turned out to be as clean as the bounds indicate.
In essentially all cases, we have no real reason to believe or disbelieve. We choose these bounds because we can't do better. It's often the case that we later prove them wrong with some extremely strange result. Here, we have weird bounds for 3-SAT, and a few weeks ago we had one for integer multiplication.
But this has also happened repeatedly throughout history. In the 50s Kolmogorov conjectured that n-bit integer multiplication was \Omega(n^2). Karatsuba produced O(n^{1.58}) during Kolmogorov's seminar on the topic. Strassen discovered matrix multiplication is O(n^{2.81}) while trying to prove it is O(n^3). And on and on and on.
Maybe P and NP are well-formulated and they do perfectly capture our intuition of "efficient" and "efficiently verifiable" algorithms. Or maybe they don't. We are probably going to keep finding extremely weird, cheesed-out bounds for famous problems, though. You can choose what you want to believe, but I think it would be more remarkable if the reality of P and NP turned out to be as clean as the bounds indicate.