Because a 32-bit floating-point number - such as 1.024 - is not 1.024. In a computer, 1.024 is an interval: from (1.024-e) to (1.024+e), where "e" represents an error. Some people fail to realize this and also believe that * in a*a stands for multiplication of arbitrary-precision numbers without there being any errors attached to those numbers. The reason why some people fail to realize this is perhaps the math computations they exercised in elementary schools: working only with ideal numbers without errors attached, and believing that it is OK to simply ignore "e" while performing multiplication. They do not see the "e" implicit in "float a=1.2", "a*a*a" and similar C codes.
Should majority of programmers recognize (and be able to execute on) the idea that C expression a*a*a*a*a*a is not actually working with ideal numbers, the GCC compiler would then be FREE to optimize "a*a*a*a*a*a" into say "t=(a*a); t*t*t" which requires a smaller number of multiplications. But unfortunately, the GCC compiler does not know whether the programmer writing the code thinks that "a" is a number with or without an error. And so GCC will only do what the source code looks like - because that is what GCC sees with its "naked eye".
... once you know what kind of programmer you are, you can use the "-ffast-math" switch to tell GCC that "Hey, GCC, I know what I am doing!". This will allow GCC to convert a*a*a*a*a*a into a different piece of text - it looks different from a*a*a*a*a*a - but still computes a number within the error interval of a*a*a*a*a*a. This is OK, since you already know you are working with intervals, not ideal numbers.