The IBM 360 shipped with 32-bit addresses but only 24 bits decoded. "Hey, there's a whole byte up top that nobody's using today, let's put some stuff there!" When they wanted the address space IBM found themselves architecturally hamstrung, and the cost to dig out was significant.
The 128K Macintosh used a 68000; it had 32-bit addresses but only 24 bits were decoded. "Hey, there's a whole byte up top that nobody's using today, let's put some stuff there!" When Apple needed the address space they found themselves hamstrung by pieces of MacOS that did use those bits, and many applications that did, too. The cost to dig out was significant.
It is practically guaranteed that "Hey, there's 16 whole bits up there that nobody's using today" will wind up the same, because this industry just never learns.
You can do things with lower bits and usually get away with it; many systems put GC tags and type bits down there. But those upper address bits do not belong to you.