Yes, exactly what hamster said.
You can't transmit RGB, so you have to pay the price of a RGB -> YCbCr code inside the FPGA (because the frame buffer is most likely RGB).
But more importantly this is only 4:2:2 YCbCr (i.e. the chroma channels are being downsampled). For a movie that might not matter much, but things like sub-pixel font rendering on a desktop or sharp synthetic image rendering will be affected.
Wiring the upper 8 bits only would allow 4:4:4 RGB 8 bits. If you want 10 bits, you can even just wire the upper 15 bits. That's still less wires than the previous case. And if you want to still be compatible with the current, you could even just wire them in //.
So that fpga pins are connected to two data pins to allow either modes to be used. This way it still works with the current config, but you can also change the fpga to use native RGB.