There are two reasons why water bottles have an expiry date:
Most government regulations make it compulsory for food items and consumable good to have an expiry date. The compulsion forces the vendors to select an expiry date based on their findings.
When Plastic or PET based water bottles are exposed to sunlight for a very long time; algae or fungal depositions start taking place. You can find such depositions by a light green tint on the bottle surface. Such plastic bottles are considered unhealthy for liquid consumption. The average time of such micro-bacterial decomposition based on average storage conditions is taken as expiry date.