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Baron said:

Nintendo could have opted to choose this module for pricing. Then overclocked it so that it is still cheap but faster or as fast as more expensive memory.

That a possible but overclock always have issues (power supply, heat, erros, etc)... and even with overclocked the memory have low bandwidth with only 64 bits (4 modules x 16 bits).

Some mid/high-end GPUs uses the similar memory but with more modules like 8 modules x 16 bits = 128 bits or 16 modules x 16 bits = 256 bits.