Stephen,
your logic is ok, but as Max pointed out, once your braking system can lock up the wheels, there's nothing you can do with extra performance from the brake system. Except...
The brake system is not only made to brake, but to brake repeatedly. So, just like a sports car has wider tires to deal with more power (and change the saturation characteristics of the vertical vs. lateral load, but that's another story), the real deal with mounting an over-dimensioned brake system is to fight fading. Just like one of the real reasons to mount wider tires is to increase longevity and deal with heat.
Porsche did an amazing study in the '90s where they proved once and for all that, just like we learnt in school, the contact area means squat to the braking performance. With one caveat: once. Since in the real world you have more than just the applied force and the coefficient of friction, heat and hence fading will start decreasing the performance, and that's where it's better to built-in some safety margin in the system.
I came to the limits of the braking system in this Kawasaki more than once, and I mean lever-to-the-grip braking, where the bike was well under-performing in the brake department and had to back off. Granted, I was chasing (and keeping up with) sports bikes in the best Italian passes, but after half an hour of extreme driving the brakes were toast and remained like that for the rest of the morning. Only after lunch I could grab a handful again.
Steel brake lines, thicker discs (heat resistance and dissipation), better pad/brake fluid thermal isolation... all would help.