The designers of HBM5 had the same observations and thought, "why don't we put a logic chip at the bottom of the stack of HBM DRAM chips and get extremely high memory bandwidth?" But, in looking at this, you'll also quickly realize this is almost exactly what Intel and Micron pitched 15 years ago as Hybrid Memory Cube** (which lost on the market compared to the simpler, less costly, and more flexible alternative, HBM)
* https://www.eecg.toronto.edu/~stumm/Theses/Elliott-PhD98.pdf