Wouldn't a mechanic like that increase micromanagement? It seems to me like it would create situations where you deliberately split off ships from a fleet to reduce the losses you take. I'm familiar with Lanchester's Laws, so I understand how this is meant to work, but removing a ship from your fleet should never increase fleet performance, and this mechanic has the potential to do just that.
If they don't balance it properly. But, seeing as the stated goal isn't to make a smaller fleet defeat a larger, but just to make it not useless, there is lots of room between "useless" and "optimal" for proper balance, and I don't think the devs are idiots.
Here's how easy it is, for everyone that's worried:
Make sure that, even with this bonus, holding back x% of your fleet from the battle, always reduces the damage you do to the enemy by more than x%. But, less than 100%.
There. That's it. As long as that's true, there is no gaming the system. The only time it's worthwhile to engage with a smaller fleet (as long as that's true) is if it's all you can muster, or if there's an actual strategic benefit (like, sending a raiding fleet to their systems to drive up their war exhaustion).
Is this really necessary? The other changes will make multiple fleets more likely in any case, which makes more admirals attractive anyway. From my point of view, an arbitrary cap is not very helpful there. Why not make it a requirement to have an admiral assigned to a fleet with more than one ship (or some other small number) and give fleets without an admiral a combat penalty based on its size? In addition to that switching an admiral from one fleet to another should take some time.
The fleet cap also acts as an additional penalty on larger fleets. You need additional high-level admirals to get the same bonuses on your entire fleet. If you have 2 fleets with a level 8 and level 4 admiral, and your opponent has half the fleet size but just one level 8 admiral, that's a little extra advantage.
For realism, I guess it depends on your POV. Do ungoverned sectors have no government, or just nobody special enough to give bonuses? Do armies without leaders just charge aimlessly? Do fleets without admirals not coordinate at all? Only science ships stop functioning without a leader, but these are scientists smart enough to head up an interstellar empire's research department or help a whole planet research more effectively, so it seems like surveying is just really complex work. But, anyway, from that POV, yes a fleet should get penalties without an admiral, but why make things complicated when just changing your interpretation makes that unnecessary? Meanwhile, it makes sense that an admiral would have a limit to how big a fleet benefits from his bonuses. Yah, with advanced tech he could command them all, but the fleet already has commanders, obviously. He's providing commands in-depth enough to allow the ships to tactically perform far better than average. He's not omniscient; there
should be a limit to how much he can do.