A 64 bit address space wouldn't be an excess though, it would be outright too small.
The whole point of L3 is to provide a layer of routing and aggregation on top of L2. Routing and aggregation requires sparse allocations, so L3 requires more address space than L2 does. L2 is 64 bits for new protocols today (which are supposed to be using EUI-64), so L3 needs to be more than 64 bits.
People would complain loudly if we didn't use a power of two, so here we are at 128 bits.
The whole point of L3 is to provide a layer of routing and aggregation on top of L2. Routing and aggregation requires sparse allocations, so L3 requires more address space than L2 does. L2 is 64 bits for new protocols today (which are supposed to be using EUI-64), so L3 needs to be more than 64 bits.
People would complain loudly if we didn't use a power of two, so here we are at 128 bits.