IEEE 754 is a floating point standard. It has a few warts that would be nice to fix if we had tabula rasa, but on the whole is one of the most successful standards anywhere. It defines a set of binary and decimal types and operations that make defensible engineering tradeoffs and are used across all sorts of software and hardware with great effect. In the places where better choices might be made knowing what we know today, there are historical reasons why different choices were made in the past.
DEC64 is just some bullshit one dude made up, and has nothing to do with “floating-point standards.”
It is important to remember that IEEE 754 is, in practice, aspirational. It is very complex and nobody gets it 100% correct. There are so many end cases around the sticky bit, quiet vs. signaling NaNs, etc, that a processor that gets it 100% correct for every special case simply does not exist.
One of the most important things that IEEE 754 mandates is gradual underflow (denormals) in the smallest binate. Otherwise you have a giant non-monotonic jump between the smallest normalizable float and zero. Which plays havoc with the stability of numerical algorithms.
The way I heard it was "amplifiers oscillate and oscillators don't".