Exponentiation occurs in some financial contexts, such as calculating a mortgage's monthly payment with a certain interest rate, principal, and term. There are undoubtedly other contexts in which exponentiation is a natural operation to use. Moreover, it is conceivable that the exponent of an exponentiation operation is not necessarily an integer, so it's not enough to say that exponentiation can be emulated simply by doing a few repeated multiplications.
Exponentiation occurs in some financial contexts, such as calculating a mortgage's monthly payment with a certain interest rate, principal, and term. There are undoubtedly other contexts in which exponentiation is a natural operation to use. Moreover, it is conceivable that the exponent of an exponentiation operation is not necessarily an integer, so it's not enough to say that exponentiation can be emulated simply by doing a few repeated multiplications.