Actually it is a "gaming CPU", that's the reason. If you're a professional, or even a "pro-sumer", there are Xeon equivalents that are cheaper. This really is just dropped into a gaming CPU line as part of that series. If you were a professional looking for a chip, why wouldn't you get a Xeon E5-2640 v4? It's got a lower base clock, but the boost is comparable and it's substantially cheaper. You can put two of them on a motherboard for only a little more than a single 6950. Anandtech made this point in their review.
I'm generally of the opinion that if it comes in a shiny black box with fancy gold lettering and is branded as part of a gaming CPU line (to use your term), then it's a gaming CPU.
Now if you want to argue that it's hopelessly over-qualified for that role, I agree. But I think it's branded that way and whilst ordinarily I would ignore branding, you have the problem that it is undercut by the actual professional range.
It is a bit of an apples and oranges comparison. Having had a nice Xeon setup myself for my old home lab.
When you go down that route you tend to then go for a professional grade dual socket board, most commonly from SuperMicro in that space. They aren't cheap.
Then you aren't going to just stick average consumer RAM in there, you are going to go down the route of ECC server spec memory, that's not cheap in the slightest, say hello to a few hundred quid per 16GB stick.
Both setups have their place, only reason for me getting rid of my pizza box servers were power consumption and space/noise. For the times I used them they were great but leaving them on all the time was a pain in the ass.
I switched out to some Intel NUCs which are great for the odd few VM's here and there, but they are very RAM limited and you end up needing to spend a small fortune on just getting more and more and more of them to have the capacity you need. Fully spec'd out those things are close to a grand each.
So for me the HEDT/Extreme range (which correct me if I'm wrong is a High-End Desktop range, not seen anything in the literature that specifies gaming, I think that's something the community has pinned to it) gives me some nice balance.
I'll run Windows on the machine for day to day when I want to use it for playing games or video editing or streaming etc., then I'll have a load of nested ESXi VMs running in Workstation so that if I need to top up the available resources for my lab it is there.
Also unless you are looking at the used market, the Xeons aren't really substantially cheaper, the E5-2640v4 is still in the region of £800+. A few hundred quid once you are already into that level of spending is no longer substantial.