Because initramfs is just a (mostly) normal Linux system, that means it has its own init PID 1. On Arch, that PID is in fact just systemd.
Debian has (or had; at least my Devuan still has) a simple shell script as first init. Was an interesting read and helped me understand were to add my remote rootfs decryption.
https://salsa.debian.org/kernel-team/initramfs-tools/-/blob/...