Floating point still has bit-depth…
The lowest prevision floating point format defined by IEEE 754 is 16-bit (also 32, 64 and 128-bit, although I very much doubt that you’d ever come across 64 or 128-bit image data…)
A binary string is a binary string, whatever it means.
For example, let’s take the 8-bit binary string 01101010
As an unsigned integer, this represents 106 (actually, it represents 106 as a signed integer too, but in image data, integers are pretty much always unsigned)
If it were to be interpreted as a character, it would be ‘j’
As a theoretical 8-bit floating point number (with 3 exponent bits and 4 significant bits), it is 10000.0 (I think… I’ve not tried manual float conversions before…)
To give an example of quite how inaccurate an 8-bit float number would be, the only numbers between 0.2 and 1 would be 0.3, 0.4, 0.5, 0.6, 0.7, 0.8 and 0.9. Not quite the precision that you’d want!