subject to certain caveats. It's not unfair to say that
floating point multiplication is (nearly) associative
"within a few ulp".

I'm not disputing this.

However, you can't deny that this monoid law is broken for the floating point operations:

mappend x (mappend y z) = mappend (mappend x y) z

Perhaps I'm being pedantic, but this law should hold for all x, y, z, and it clearly doesn't.