The ability to perform constrained randomised verification is only workable via UVM or something like it. For large designs that is arguably the best verification methodology. Without visibility through the design to observe and record the possible corner cases of transactions, you can't be assured of functional coverage.
While FPGAs can run a lot more transactions, the ability to observe coverage of them is limited.
I have worked on multiple SoCs for Qualcomm, Canon and Freescale. FPGAs don't play a role in any SoC verification that I've worked on.