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I suppose it would drain far much more battery if it supports 5Ghz, multiple antenna, and wider bandwidth.

So be it. That would still be fine for some applications.

Sure, but apparently not for the ones targeted by this chipset.

Indeed - the target of this device is lowish cost IoT.

Things like $20 "wifi doorbell"'s.

The esp8266 range is for ultra low cost wifi - things like $5 "wifi bulb"'s

There's also room for mains powered ultra low cost wifi appliances. Think about fans or air humidifiers.