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I think there is another reason for larger objectives: marketing. Although in theory larger objectives do gather more light, there comes a point where the extra is just wasted. To simplify the science, once the exit pupil of the scope is the same diameter as your eye's pupil, no more light gathering will help.
But if you want to sell scopes, you need to be able to say you have an advantage over the competition. Larger objective lenses is an "advantage" you can sell. If the scope is used in anything resembling legal hunting hours here in Saskatchewan, you really don't need the light gathering power of the larger scopes. It looks impressive if you think yours isn't big enough (and I intend the double meaning) but few shooters actually need it.
I prefer that my scope is as small and light as I can have it and still get all the performance I need. Some of the "new and improved" scopes are just excess weight for my hunting practices.
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