The problem is the namespaces. When parsed as XML, the img tag is in the http://www.w3.org/1999/xhtml namespace since that is the default namespace for the element. You are asking for the img tag in no namespace.
Try this:
>>> tree.getroot().xpath(
... "//xhtml:img",
... namespaces={'xhtml':'http://www.w3.org/1999/xhtml'}
... )
[<Element {http://www.w3.org/1999/xhtml}img at 11a29e0>]