The elephant in the room is that using high-bandwidth storage well with minimal RAM requires different and much better scheduler design than currently exists in the vast majority of systems, including every OS I am familiar with. The higher the bandwidth and the larger the storage, the better your scheduling needs to be at latency hiding using techniques that don't involve a large cache. A lot of hardware tech, like Optane or HPC fabrics, was invented to avoid having to address schedulers being poor at latency hiding, which is essentially a (non-trivial) software problem.
Most users of modern fast asynchronous I/O still tend to delegate scheduling, treating the I/O schedule and execution schedule as separate concerns, even when done entirely in user space. It is a missed opportunity.
You do raise a valid issue: this requires a much more sophisticated design and implementation than most developers are comfortable with, which creates a lot of inertia behind doing things the classic way. This could all be abstracted away from the average developer in principle, something similar to a database kernel, but no one has built one yet.