Ignoring the other issues (lack of preservatives, the fact it's an estimated shelf life) I think you're also forgetting the most important part of a shelf life.

It starts once the product is made. It takes time for products to reach retailers, and it takes time for them to sell. This specific product isn't a popular brand, and it's at a price point that isn't ideal. More importantly, complexion drops?! Okay, so a product that has a bunch of different shades.

Yeah, that is absolutely not a fast selling product. It's very likely that it actually has been roughly 12 months since that batch was made and those 8 months were how long it took for it to reach the store and then be purchased.