Well, it isn't. The manual even states that the ECU takes the computed value and adds 5%. And I think it's off closer to 7% but have my yet confirmed.
I read an article a couple of years ago that claimed that European regs dictate that a speedometer can never real lower than actual, for any 'reasonable' wheel and tire combo that an owner might put on. So they look for the dumbest over-profile tire someone could fit and figure the error from that case.