Cooper, I have the feeling you're answering to me without actually reading me :)
I know I can format the card with exFat, but as previously mentioned, Sandisk limits Wireless Connect drives bought with 16 or 32GB of storage to FAT32 compatibility only.
When you format an 64GB or whatever the size SD card in exFat and you put it in a Wireless Connect Flash drive that initially shipped with a 16/32GB sd card, the wireless functionality of the drive is disabled, you have an error message on the iOS app inviting you to reformat your sd card on a "supported format".
That's the reason why they distribute two different firmware branches.
This limit is supposedly wanted by Sandisk to incite you to buy a 64GB version instead of buying a 16GB model for half the price and put your own bigger SD card.
Or it might be because they don't want to pay the exFat licence to Microsoft for their smaller storage versions.