This is a lot like how you look up words in the dictionary. It is roughly radix-like, but the closer you get, the better the fit. If you are looking up a word that starts with S, you adjust to how broad S is as you home in.
A B-tree replaces a log2(N) binary search of the whole range into a K-ary search, with log-base-K(N) probes; but adds searches through the K keys per tree node, which all have to be brought into cache.
Even once the K keys have been brought into cache, a binary search in the index page is quite slow on modern hardware because the iterations involve randomly mispredicted branches.
A great advantage of PGM indexes seems to be that the whole index can be held in (L3) cache. Faulting a line from L3 to L1 cache takes only ~30 cycles. Once the index has been walked, you are close to the desired record and can walk forward or back a few steps to locate it.
If you have to handle insertions, it is often better to keep an overflow table searched first (or last) so you can batch-rebuild during downtime. Deletions may be handled by marking dead entries, and updates are easy. Most multigigabyte tables don't see much churn, relative to their size.
Maybe they may have made an improvement here trading some space for even better lookup times? In that case, the 83x space over btree indexes is certainly possible - given that infinite improvement is possible too.