A column of cells holding the same formula is one statement written out many times. Rendered a cell at a time it becomes a stack of equations saying the same thing in different numbers, which tells a reader nothing the first one did not. fxRender draws it once, with an index.
Where cells A3 to A12 each hold the cell above plus one, the ten equations become:
$A|_{i=3}^{12} = A_{i-1} + 1$
=A2+1 in row 3 and =A11+1 in row 12 are recognised as the same statement.The work is in deciding that two formulas are the same formula. =A3+1 and =A4+1 differ as text and not at all as meaning, so each is rewritten with its references as offsets from its own cell — the form Excel itself stores — and the rewritten strings are compared.
A reference fixed with a $ is an exception: =$A$1*B3 and =$A$1*B4 still group, because the anchored part means the same cell in every row and only the relative part varies.