Having more addresses than we could use up sounds like a bad thing to you? The problem we have now is that we're running out, and if we made it a bit larger so that we wouldn't run out for a while, that would be more fragile than just doing it right and pushing the limit far, far away. It's what we've done with most of the limits in our systems when we increase them.
When you're using someone else's network, you can't guarantee they'll all be 192.168.1.1. I've frequently seen 192.168.0.1, 172.16.0.1, 10.0.0.1, and various other /24s in those ranges. It doesn't matter, because if I want to access their gateway, I query my network to get the gateway address and it tells me. I do not need to try any of these when my computer already knows the address. It knows the V6 one too. Open that, copy it into your browser, and pull it up. The same steps you probably already use will still work here.
As for wasting bits in a packet, there are a ton of bytes in many protocols already, but I'm guessing you don't consider them wasted. If you're using WiFi or Ethernet, your network controller is already using and storing plenty of extra data in order to work with them. If storing 128 bits instead of 32 is really causing a problem for your hardware, you likely need to spend a couple pennies on better hardware, because we no longer work in dates where 512 bytes on chip is expected. There are embedded controllers that have small amounts, but they usually aren't running full network stacks and trying to communicate that way.