I mean we could have fixed the problem ourselves, except when you select a beard, the cheek/jaw options are disabled by the character creator and your characters face is given a weird cave-in, which makes the floaty beard problem far more noticeable. That is, indeed, Bioware's fault, and I just can't see any reason to do it.
Yeah, I know the caved in look you mean, annoyed me as well. But my point is that Bioware didn't go "Hey, let's make all beards force cheecks to be caved in, it'll be fun!"
There was no doubt some real reason they had to do it, and I'm sure they weren't happy about it. Just like they're probably not satisfied with their current hairstyles, but had no choice (or rather, they HAD a choice, and they chose to spend what limited time/resources they had on things they considered more important).
That said, given that they DID have some better hairstyles in the previous games (braided styles, especially), I'm thinking they had issue with the engine, and no time to fix them.
And before anyone points to some render people did in frostbite or maybe even a DAI NPC with better hair (probably will happen... I mean Duncan had an Uber Beard we couldn't recreate, after all), it's important to keep in mind that they have to deal with a lot more complexity because of all the customization options (it's easier to do a baked in appearance, than something generated on the fly, which has to handle all the various clothing/armor options and animations).