My speculation, yet seems clear enough to me. The auto-switching between multiple input gain / ADC stages that happens in the course of constructing the data for the 32 bit file requires two or more separate gain/ADC paths (3 in the case of SoundDevices). A stereo path provides two. They can use them as two separate channels with identical gain for 24bit stereo, or use both for a single mono channel by setting them to different gains and auto-switching between them to produce the data which gets written as a mono 32 bit file.
Unfortunately it has not been made clear by the manufacturers, but the auto-gain switching part and the 32-bit floating point file storage format are really two entirely separate things. In addition to the typical way of using a switching input path and writing a 32bit file from that, its entirely possible to use a single non-switching input stage /ADC and produce a 32bit floating point file. Or to use a switching input stage design and write a 24bit fixed file from that. The first is equivalent to using a traditional recording interface and writing a 32bit float file in the recording software. The second is how the current 32bit recorders work in 24bit mode.