Instead of pocketing the difference in greater photon production efficiency the trend has been to just make things brighter.(where they really don't need to be)
Not to mention, not just lighting use, but lighting design needs a complete rethink in the age of leds. Much nighttime lighting, public and private used to cast a nice, pleasant glow, now very often led nighttime lighting is far too bright, and produced in wavelengths that can be quite unpleasant on the eyes, and registers as cold, sterile, and unnatural.
The problem of light pollution is not solely about energy wastefulness. Light pollution disrupts natural rhythms and ecosystems. The blotting out of the night sky is a great loss for the human soul and human experience.