Yes, it's hard to justify a 48bit fpu or 64bit fpu when you can have 1.5x or 2x the number of computing units (approximately)
Still, "not as fast as we wanted" is a "modern researcher problem" ;) Some years ago they would have been converting it to run in integers so that it's not unbelievably slow.
The problem isn't that games are not FP, it's that for games, 32-bit precision is good enough, and for most problems actually way more than they need.