I suppose my question is why you think TCS people would do this analysis and development better than non-TCS people. Once you leave the warm cocoon of big-O, the actual practical value of an algorithm depends hugely on specific hardware details. Similarly, once you stop dealing with worst-case or naive average-case complexity, you have to try and define a data distribution relevant for specific real-world problems. My (relatively uninformed) sense is that the skill set required to, say, implement transformer attention customizing to the specific hierarchical memory layout of NVIDIA datacenter GPUs, or evaluate evolutionary optimization algorithms on a specific real-world problem domain, isn't necessarily something you gain in TCS itself.
When you can connect theory to the real world, it's fantastic, but my sense is that such connections are often desired and rarely found. At the very least, I'd expect that to often be a response to applied CS and not coming first from TCS: it's observed empirically that the simplex algorithm works well in practice, and then that encourages people to revisit the asymptotic analysis and refine it. I'd worry that TCS work trying to project onto applications from the blackboard would lead to less rigorous presentations and a lot of work that's only good on paper.