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Millimeter wave frequencies are just one aspect of "5G", the standard of 3GPP Release 15 (and newer) are improvements and build off the existing standards of LTE (releases 8-14). Its quite possible, and likely that "5G" will be deployed across all existing spectrum, including lower frequency. Much like LTE has been and continues to be deployed across existing spectrum that was 2G/3G.

The focus on millimeter wave is large part due to existing capacity problems in high density areas, or for high bandwidth applications.

There are technologies belonging to the 5G family that target specifically IoT. They can coexist with “normal” 5G /4G in the same base station. These technologies have way more robust transmission schemes that make them operational even with 20db (100 times) worse SNR than normal mobile communications technologies like LTE. The flagship technology in this space proposed by 3GPP is NB-IoT.

Probably since electronics has become so miniaturized and cheap, thinking of one cell per building or even one cell per light pole, wouldn't be that odd.