These are such different use cases that I think completely different standards and processes as well as build systems are going to become the norm for big critical infrastructure versus what is running on your favorite laptop.
So it's actually less wasteful.
Link-time optimization is already a thing. It's sad it doesn't seem to be used more often.
On the other hand, if I am static linking, then there are no other programs that could use the static library. (Or, rather, if they do, they have their own embedded copy.) The LTO is free to remove any functions that I don't need, reducing the total amount that I need to ship.
LTO is really a much bigger deal, the main reason to use it is not throwing unused stuff away, but inlining across all the things.
Wouldn't you still need at least runtime linking (dlopen) to link to OpenGL/Vulkan/etc.?
Some libraries (OpenGL, Vulkan, ALSA, ..) the shared library provides the lowest stable cross-hardware interface there is so linking the library makes no sense.
Talking about user usecases, every time I play a game on Steam. At the very least there are GNU TLS versioning problems. That's why steam packages it's own library system containing multiple versions of the same library -- thus rendering all of the benefits of shared libraries completely null.
One day, game developers will package static binaries, and the compiler will be able to rip out all of the functions that they don't use, and I won't have to have 5 - 20 copies of the same library on my system just sitting around -- worse if you have multiple steam installs in the same /home partition because you're a distro hopper.
One day...