Theory 1:
This could be completely off target. Some people believed Voldemort was dead. I am saying this based on
Hagrid's View:
Some say he died. Codswallop, in my opinion. Dunno if he had enough human left in him to die. Some say he’s still out there, bidin’ his time, like, but I don’ believe it. People who was on his side came back ter ours.
Harry Potter and the Sorcerer's Stone, Chapter 4, The Keeper of the Keys
Snape's View:
“You ask why I did not attempt to find him when he vanished. For the same reason that Avery, Yaxley, the Carrows, Greyback, Lucius”— he inclined his head slightly to Narcissa — “and many others did not attempt to find him. I believed him finished. I am not proud of it, I was wrong, but there it is... If he had not forgiven we who lost faith at that time, he would have very few followers left.”
Harry Potter and the Half-Blood Prince, Chapter 2, Spinner’s End
Keeper might have assumed that Voldemort was killed because Harry survived and Voldemort disappeared.
Theory 2:
There were two possible candidates to rival Voldemort, Harry and Neville.
“The odd thing, Harry,” he said softly, “is that it may not have meant you at all. Sibyll’s prophecy could have applied to two wizard boys, both born at the end of July that year, both of whom had parents in the Order of the Phoenix, both sets of parents having narrowly escaped Voldemort three times. One, of course, was you. The other was Neville Longbottom.”
Harry Potter and the Order of the Phoenix, Chapter 37, The Lost Prophecy
There were very few families who survived attacks by Voldemort but Harry not only survived the attack he managed to defeat Voldemort.
I should remind you that when Potter first arrived at Hogwarts there were still many stories circulating about him, rumors that he himself was a great Dark wizard, which was how he had survived the Dark Lord’s attack. Indeed, many of the Dark Lords old followers thought Potter might be a standard around which we could all rally once more. I was curious, I admit it, and not at all inclined to murder him the moment he set fool in the castle.
Harry Potter and the Half-Blood Prince, Chapter 2, Spinner’s End
The keeper might have assumed Harry was the wizard born to challenge Voldemort.