[1] bcrypt, the passphrase-handling part being eksblowfish, takes the user passphrase and turns it into the array of 18 32-bit (4 byte) subkey values blowfish needs for encryption. 18 * 4=72 so that's where 72 comes from. Increasing that limit requires pre-hashing the passphrase down to 72 bytes or less, or chaining multiple bcrypts using each 72-byte chunk of the passphrase. Either of which makes it no longer bcrypt. The problem with pre-hashing is that there is no standard; every implementation uses some arbitrary hashing algorithm. It also adds complexity to implementations.
I would prefer that every hash function, including one that's designated as a password hash, utilize every bit of input to generate the output. If password length is limited, shouldn't it be done earlier, and not silently?
I'm always happy to see PHP moving forwards like this. Baby steps towards better practices!