In short: FastRawViewer is the only application registered as 'i know how to handle this type of file'
Longer answer (and possible solution):
FastRawViewer installs itself into 'Open With' menu via windows registry for known file types (RAWs, JPEG, PNG, TIFF)
This is 'softest possible' way to let Windows know that FRV is able to handle these file types (extensions)
If some other default handler (application) for given type already present, than FRV will appear only in Open With right-click menu in Explorer
If FRV is the only application registered for this file type, than it becomes default application to open this file type(this is internal logic in Windows Explorer)
If some default application for file type exists AND no thumbnail generator for this type is registered in Explorer, than Explorer will display default application icon without trying to extract thumbnail from file
Solution: use some 'preview/thumbnail' generator for your files, for example
In short: FastRawViewer is
In short: FastRawViewer is the only application registered as 'i know how to handle this type of file'
Longer answer (and possible solution):
It is not perfect, because this extension generates thumbnail from raw data, not from embedded preview, this is slow.
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Alex Tutubalin/FastRawViewer team