IEEE 754 basically had three major proposals that were considered for standardization. There was the "KCS draft" (Kahan, Coonen, Stone), which was the draft implemented for the x87 coprocessor. There was DEC's counter proposal (aka the PS draft, for Payne and Strecker), and HP's counter proposal (aka, the FW draft for Fraley and Walther). Ultimately, it was the KCS draft that won out and become what we now know as IEEE 754.

One of the striking things, though, is just how radically different KCS was. By the time IEEE 754 forms, there is a basic commonality of how floating-point numbers work. Most systems have a single-precision and double-precision form, and many have an additional extended-precision form. These formats are usually radix-2, with a sign bit, a biased exponent, and an integer mantissa, and several implementations had hit on the implicit integer bit representation. (See http://www.quadibloc.com/comp/cp0201.htm for a tour of several pre-IEEE 754 floating-point formats). What KCS did that was really new was add denormals, and this was very controversial. I also think that support for infinities was introduced with KCS, although there were more precedents for the existence of NaN-like values. I'm also pretty sure that sticky bits as opposed to trapping for exceptions was considered innovative. (See, e.g., https://ethw-images.s3.us-east-va.perf.cloud.ovh.us/ieee/f/f... for a discussion of the differences between the early drafts.)

Now, once IEEE 754 came out, pretty much every subsequent implementation of floating-point has started from the IEEE 754 standard. But it was definitely not a codification of existing behavior when it came out, given the number of innovations that it had!