IF the barrel is strongly attached to the receiver and the receiver strongly attached to the rest of the rifle, free floating is a good way towards accuracy. It isolates the barrel from gas tube expansion/contraction issues, lets it vibrate more freely. Free floating puts more streess/strain on the action, so it better have a strong attachment to both the barrel and to the gas tube.
Like you suspect, it's not the best system for abuse...but none of the other systems is all that much better. Once you bump a barrel hard enough to wonder about it still being sighted in, take a couple of sighting shots (even a knothole on a tree turnk will do)....might spoil a shot or two at game from noise, but the peace of mind of knowing the pellet is going where you expect it is worth that much at least.