This is definitely a thing. Here's a link from my friend in Kansas, and how Comcast is preparing for it already:
http://www.speedtest.net/my-result/3479092379
Incredible what happens when you get a little competition!
http://www.speedtest.net/my-result/3479092379
Incredible what happens when you get a little competition!
http://arstechnica.com/information-technology/2013/12/why-co...
tl;dr: by using more spectrum in the coax cable can get pretty fast... So pressure from Google should get them to crank up the speed sooner than later.
However you are correct that coaxial cable has plenty of room for improvement with a cost that pales in comparison to rolling out FTTH.