Actually there are a number of real time Ethernet systems including Ethernet Powerlink This uses standard Ethernet hardware and supports multi KHz update rates
Our LinuxCNC compatible Ethernet motion cards also use real time Ethernet (standard Ethernet hardware and protocol=UDP) and can support up to 4KHz update rates
The advantage of FPGAs over UCs for pulse generation is cleaner pulse streams (lower subharmonics due to a higher base clock)
scale-ability (we can have up to 64 step generator channels) and higher possible pulse rates (our hardware has a maximum pulse rate of 8 to 25 MHz depending on model)