I don’t agree with the can example. Those are physically smaller and lack meaningful slack fill.
Your points stand for the first purchase. After that people will know the proportion of chip to air, and be annoyed by it. If they could do a bag smaller with minimal chip breakage and less air they would both succeed at getting more bags out per pallet and be lauded for not cheating people by selling air.
The slack fill is functional, and I don’t see much incentive to over do it.
You are not the vast majority of people. People want killer economy, no unemployment, no inflation (I know these are all incompatible). They don’t want meh.