The point is, it is a great feature if used properly, regardless of how powerful the hardware is doing FP32.
When devs make features to take advantage of the PS4P's packed math like is already the case in Frostbite, they can't do the same with Scorpio to get extra performance out of it.
Also, exclusives on PS4P will probably take advantage of it, and exclusives on Scorpio would do it too if it actually had the feature.
I personally thought it was a given, and it's kinda disappointing to know it's not the case. Simple, really.
You kinda answered your own question. Nvidia limited the compute capabilties of their GPUs and there was no hardware to take advantage of FP16 in the desktop area, ergo devs would not bother to use a feature that is not there.
Also, from anandtech:
If Nvidia put this into Pascal, I guess it's not so laughable, huh? Haha.