The kesuba serves as documentary testimony that the groom accepted upon himself the responsibilities entailed therein. It is not an I.O.U., but it is the documentation of his acceptance. Consider the following text within the kesuba (this is taken from the RCA's version):
ב ______ בשבת ______ לחדש ______ שנת חמשת אלפים ושבע מאות ______ לבריאת העולם למנין שאנו מנין כאן ______ איך החתן ______ בר ______ אמר לא להדא ______ בת ______ הוי לי לאנתו כדת משה וישראל ואנא אפלח ואוקיר ואיזון ואפרנס יתיכי ליכי כהלכות גוברין יהודאין דפלחין ומוקרין וזנין ומפרנסין לנשיהון
(Translation of relevant line) The groom ______ said to _______ "Be my wife ... and I will support, and honor, and nourish, and sustain you according to the rules of Jewish husbands that support, honor, nourish, and sustain their wives..."
The document is testimony that he said these things (or, more pedantically in our weddings, accepted to have it written that he had said these things) in the presence of witnesses. The witnesses then sign it, and it is the authority of the witness testimony which creates the authority of the document.