Excuse me, another followup question (can't edit on mobile): can you ELI5 how do exploitation and exploration "emerge" naturally instead of the tradeoff being explicitly coded as in RL?
There are two complementary ways to maximize this - change your model or change your world.
If we now grant that actions also maximize model evidence, then actions can either be conducted to sample data that make the model a better fit of the data (exploration), or they can be conducted to sample observations that are consistent with the current model (exploitation).
Although what you do have to code is prior preferences, and since it is a distribution, you implicitly code the range of those preferences. But once you do that the FEP, algorithm figures out when to collect more data to build a better model and when to use the existing model to get near the prior preferences.