The ELI5 explanation of floating point: they approximately give you the same accuracy (in terms of bits) independently of the scale. Whether your number if much below 1, around 1, or much above 1, you can expect to have as much precision in the leading bits.
This is the key property, but internalizing it is difficult.
So between 1/2 and 1 there are the same number of numbers as between 1024 and 2048. If you have 1024 numbers between each power of 2, then each interval is 1/2048 in the first case and 1 in the second case.
I reality there are usually:
bfloat16: 128 numbers between each power of 2
float16: 1024 numbers between each power of 2
float32: 2*23 numbers (~8 million) between each power of 2
float64: 2*52 numbers (~4.5 quadrillion) between each power of 2
(keep in mind there is a subnormal range where there's implicit 0. at the beginning of the mantissa instead)
To reiterate, increasing the exponent by 1 doubles the window size, so the exponent describes how many times the window size was doubled while the number of bits of mantissa describes how many times you can do the reverse and "half" it, hence the exponent to mantissa bits relation.