There is nothing in the FAT32 partition. I just created another one. When I set it in the Boot Device menu, I was given both partitions as a choice. If I chose the FAT32 partition, nothing happened but if I selected the NTFS partition it booted to the install.
I am wondering now if the FAT32 partition is still necessary but it does work with it on the drive. I suppose removing the FAT32 partition will be my next test.. ;)
There are some older UEFI machines that can still boot from NTFS, but the newer machines that are UEFI only require FAT32 or will not boot.
An example is my Dell XPS 8700 that is set for UEFI, but it can still boot from an NTFS USB device.
The newer Lenovo Yoga 920 or the Dell XPS 8930, which are UEFI only machines, will only boot from FAT32.
What machine are you using ?