[berkut]

Data from sources like GMTED2010 or SRTM15+ is often float32 or even float64: whether it needs to be is another question, but float16 often isn't sufficient in terms of magnitude accuracy (IEEE), and as you mention you often need negative values as well, which for the whole ocean surface of the earth, more than double the range.

To me (working in the VFX industry with EXR being the predominant HDR format), it's interesting that something that compresses a lot better than TIFF (i.e. EXR) hasn't won over in the GIS space, but I believe that's mostly momentum as well as the fact EXR doesn't natively support 64-bit float, but then neither does TIFF really (it's an extension), and the same could be done with EXR (extend the formats it supports).