You seem to be ignoring a very important factor here, energy consumption. RAM usage has a direct effect on battery usage and battery usage is an important factor and selling point these days.
Hardware has been around to selectively put banks into low power saving mode, but I've never heard of any commodity OS that supported anything like that. It'd require active organization of physical pages to take advantage of, if common controllers even supported it
Edit: Originally said "zero effect on memory usage", which makes very little sense!