The Intel format, which is due to William Kahan, but also to Jerome Coonen and John Palmer and a few others with lesser contributions, was a huge improvement over the IBM and DEC floating-point formats.
I have written my first programs when I was in high-school, for some IBM mainframes and DEC PDP-11 computers. Then I have used the Microsoft compilers for several languages, for Z80 / Intel 8080, which used FP formats similar to those of DEC.
The IBM and DEC formats were really ugly and writing programs for them included many pitfalls. When I began to use an IBM PC, with its much more foolproof FP format, all problems disappeared.
In general all processors introduced by Intel since their beginning and until the nineties (when their competition withered) lacked any innovative features. Every improvements in the early Intel CPUs had already been introduced earlier in CPUs from competitors.
To this lack of innovation in CPU architecture, there is a very important exception, the IEEE 754 standard, which was based on the Intel format with very minor modifications.
The Intel FP number format was one of the most important events in the history of floating-point numbers, the only other events with similar importance were when IBM made the first computers with hardware FP units (IBM 704 and NORC, in 1954) and when IBM introduced fused multiply-add (IBM POWER, in 1990).