QT pro can't edit MPEG files anyway. not since version 4, when it wasn't really editing in the first place, but for export it was useful.
but if you still want to know why QT won't open it, open the file in ffmpeg ("ffmpeg -i </path/to/file>") and see what format it says for everything. Or MPlayer has a very verbose mode that will tell you what's going on. Or maybe you neglected to update your MPEG-2 decoder for one of the QT updates that required it. Try asking Apple if you can download it again.