The high quiescent current is associated with the LED pin sourcing current to ground directly. When the LED pin is connected to ground, it can lead to higher than normal current draw. The pins nWK and nULP in the MAXREFDES1266 are also tied to GND but could be left floating to reduce power loss even further as they have internal pullup resistors.
While the power loss through the MAX5995B is higher than the datasheet value, the temperature rise in the IC package is still within safe operating limits and the MAXREFDES1266 is functional in all other regards. For a more optimised design example of the MAX5995B for low power applications, please refer to the MAX5995BEVKIT schematic.