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Xbox One would not benefit at all from having 176 GB/s GDDR5 bandwidth due to lower GPU throughput. If they gave the Xbox more GPU cores it would be a different story however its RAM bandwidth is perfectly proportional to the GPU performance.

Sorry but this is completely false. You can check benchmarks from HD7700 and HD7850 cards for this. Because while a HD7850 only has 50% more ''raw calculating power'' it is 70%-100% faster in a lot of games. So the higher memory bandwidth does have a profound effect. And since the standard bandwidth of a HD7850 is only 153 GB/S the difference with PS4 will be even larger.