Because you're not coming in at 250-350 knots, having to deal with separating out a formation without creating a downwind that extends into two counties, and slowing everything down to landing/configurations speeds in the shortest space possible, whilst recovering them in minimum time. That's why it doesn't add up.
If you even just watch just the final turn from downwind, where it's a single constant-descending 180 degree turn from downwind abeam the numbers, all the way to touchdown; its far faster than a standard base leg, final leg rectangular pattern.
Same reason it doesn't add up for most civilians to see jets landing on the runway while other jets are still ahead rolling out, only 3000 ft spacing required between same-types. It's foreign for them to see.
In IMC, we had a formation instrument recovery procedure called ASLAR that recovered formations of planes on an instrument penetration/approach, far faster than could be done with single-aircraft approaches.
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