I don't think it is logarithmic in the way that you meant it. I think it simply uses commonly-used language to make the meter more readable to most people. Most people would know what you meant if you were to say "f/5.6 and two-thirds," but most people would not know exactly what you meant if you said "f/7.1."
Personally, I wish the meters would simply read out in 1/3 stops or 1/2 stops, and possibly 1/6 stops, each selectable by the user.
But for practical intents and purposes, there are only a few you need to know. If your f numbers are precisel to the 1/2 stop, you need to know .0 and .5, and how to decide which way to round for the given application. If your f numbers are precise to the 1/3 stop, you need to know .0, .3, .6, and how to round.
The decimal system on such meters is terrible for cameras with 1/3 stops IMHO.