I don't think space is an issue, but an ASIC designed exactly for a workload will always beat an FPGA on power. But if you don't know the workload exactly or don't have the money to fab an ASIC then an FPGA will be superior if the workload is a bad fit for CPUs or GPUs. So if you can save (2-10)x power on some unknown ML workload in the future that might be preferable to (10-20)x on some fixed workload with a fixed-point ASIC.

I.e. Bitcoin mining went GPU->FPGA->ASIC, each with more investment required to design but higher overall performance in Hash/W. But that workload is known exactly.