Exactly. Being precise about logarithmic vs linear utilizations is key here. I tried making a similar point about the inefficiency of IEEE-754 redundant NaN encodings here: https://arxiv.org/pdf/2508.05621
Having ~a quadrillion redundant bitstrings all mapping to NaN sounds pretty bad, but logarithmic/information utilization-wise, this is actually not too bad.
Having ~a quadrillion redundant bitstrings all mapping to NaN sounds pretty bad, but logarithmic/information utilization-wise, this is actually not too bad.