Well delivering multiple satellites could be a thing, it's still basically the same cost by mass, you're just splitting the monetary cost up among different customers. If you are delivering multiple GEO satellites, you also have to have them be the right place in their orbit, over their target, since they are stationary with respect to the earth (which is why you don't have to move your satellite TV dish). This means all your satellites for that bunch have to basically be near each other.
That also doesn't feel like it is reusable given this definition. I'd assume reusable means you can use it now, and then use it next month on a completely different mission. So let's explore that.
GEO satellites are also generally a lot bigger than your typical cubesat / nanosats that are all the rage in the bulk launcher configurations, because you need a big dish, and a lot of power to transmit and receive signals.
> It is wasteful to have every satellite carry the weight of its own propellant and engines.
Even if a satellite was delivered to GEO without using an engine, satellites need engines to do stationkeeping and keep their orbit, which is the critical factor for the operational lifetime of a satellite.
It's more wasteful to have to have your orbiting tug do an orbital rendezvous with a satellite in LEO (takes fuel to rendezvous), go to GEO (the normal cost, but more expensive since you have to carry the fuel for the return trip), then come back from GEO to LEO (takes fuel).
Following this delta-v map, it looks like it takes about 4000m/s of delta-v to go from LEO to GEO, then the same the other way back down.
https://external-preview.redd.it/U5iH7huE5qKth7ZFvipXt8vzaFO...
I don't know of any clever planning or efficient fuel use that can get over the raw amount of delta-v you'd need. Fuel use isn't really efficient, it's the engine that has to efficiently use the fuel, which is why I think there must be some breakthrough here.
Fuel also has to eventually be delivered up to the tug for refuel, so really it seems like all the mass savings is the dry mass of the 3rd stage.