The additives have something to do with it, but the base oil is exactly the same - ATF, Power Steering Fluid, and industrial hydraulic fluid use the same base oil family - and even motor oil, gear oil, and the like are all similar. The principal difference is the base viscosity of the oil - which carries from lighter oils than the 10W base in transmission and hydraulic fluids all the way out to axle grease!
Additives are primarily viscosity improvers, heat-resistance packages, detergents, and the like. Detergents can be antagonistic to some seal materials and to various elastomers, and are usually downright nasty to latex and natural rubber (Buna-N and Viton are common sealing materials because they are cheaper than Nitrile and Butyl, but are still resistant to petroleum and detergents.) Transmission fluids carry a nastier additive package than engine oil, which is why you can (sometimes) run some ATF into your engine to clean out the gallerys and crankcase. Problem with that is that the ATF detergents are generally antagonistic to the materials used in engine seals - notable the valve guide seals and front and rear mains. These materials are typically more tolerant of Diesel fuel than ATF!
If memory serves, the endurance package is better in the Dexron line, and the additives aren't as nasty. I do seem to recall TypeF making a better hand cleaner than Dexron...
Here's another little note - rerefined oil. It is interesting to note that there is not enough head in an engine to actually break down the base oil - it is the additives that break down and need to be replaced. Rerefined oil is simply used motor oil and other auto/industrial lubricants that have had the additives "flashed" off and new packages added. If you have ever seen an oil refinery, you will note that there is a tower that is about 1/3 the size of the rest - this is the rerefining station. The larger towers handls all oil "fractions" from natural gas to asphalts and tars, while the shorter tower is designed to split from 5W to about 300W (light grease...)
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