We don't use TCP because its fast. We don't use it because its reliable (although that's really useful). We use it because _we kept breaking the internet_. Once you get above a certain threshold, the network can't keep up with you and packets start getting dropped. The problem is that backing off just a little doesn't allow the network to recover.
Instead, we need to use exponential backoff in the face of packet loss to ensure that the network as a whole can recover.
But if you're pretty much the only connection misbehaving, and everything else backs off, then you can kinda get away with not using exponential backoff. The problem is that the applications that is was "kinda okay" to do this for was VOIP and friends, where realtime delivery is really important and exponential backoff causes noticeable drops in quality.
For a great read about these kinds of issues, check out the TCP-Friendly rate control RFC: https://tools.ietf.org/html/rfc5348