I think you've missed the detail again! You can have a 1 bit mask if you want it. If you want true alpha, you'll need another data source that stores the alpha data. That you have one buffer of LogLUV colour, and a second buffer of 8bit alpha values, and when alpha blending you read in both sources.
If you think about alpha, it's no different to the colour channels in requirements. If you want a range of greens in your object, you need to store a range of values in a green component. Or if you want a range of hues, you need to store a range of values for hue. The number of bits determines the range you have available. Too many are wasted, too few would cause colour banding. Alpha is likewise a range of transparencies. Too few bits, and you can only express a banded range of blends. If you consider a smoke trail, each smoke particle needs a gradual fade from opaque in the centre to transparent at the edges. If you need a range of values to express the image, then you need a range of data somewhere. 8 integer bits works well as a range, and fit very nicely the regular 32 bit formats of yesteryear. With programmable shaders we can try cleverer system (although hardware blending wants 8 integer bits), but you're still going to need several bits of data. In a 32 bit word, if you give up some of those bits for alpha, they'll be lost to the other components of your pixel data. Thus you'll need extra bits from somwhere, which requires another buffer.
If you think about alpha, it's no different to the colour channels in requirements. If you want a range of greens in your object, you need to store a range of values in a green component. Or if you want a range of hues, you need to store a range of values for hue. The number of bits determines the range you have available. Too many are wasted, too few would cause colour banding. Alpha is likewise a range of transparencies. Too few bits, and you can only express a banded range of blends. If you consider a smoke trail, each smoke particle needs a gradual fade from opaque in the centre to transparent at the edges. If you need a range of values to express the image, then you need a range of data somewhere. 8 integer bits works well as a range, and fit very nicely the regular 32 bit formats of yesteryear. With programmable shaders we can try cleverer system (although hardware blending wants 8 integer bits), but you're still going to need several bits of data. In a 32 bit word, if you give up some of those bits for alpha, they'll be lost to the other components of your pixel data. Thus you'll need extra bits from somwhere, which requires another buffer.