You do not have edit privileges. Your edit will be placed in a queue until it is peer reviewed.
But I also received the following error message which I did not expect.
Oops! Your edit couldn't be submitted because:
users with less than 1500 reputation can't create new tags.
The tag 'exfat' is new. Try using an existing tag instead.
The last time I attempted this was on a different exchange and my recollection is that there I received a completion message of sorts saying the edit was queued to be looked at.
Is the difference here because the tag apparently does not exist yet in Stack Overflow?
Is this the way this feature should work? Is not a suggestion to add a new tag potentially as valid as any other edit suggestion?