Even for setups where decibel information can be gathered / estimated by the sound card, why should the volume increment be hard-coded? Shouldn't the user get to decide that?
Also note that this setting was available in GNOME 2. Remove existing functionality without providing an alternate doesn't make sense to me, given that it is a potential health hazard!
However, in conjunction with that (or indeed, in the absence of that, which is the current situation) the optimal solution is a sensible default, along with user-configurable differences for those users who have some opinion and technical acumen to use them.
This has been the design philosophy of Linux applications and environments for a very long time, but for some reason is against the wishes of the Gnome 3 team.