Because you don’t know a priori whether any particular data isn’t needed anymore and linking is not a stream processing problem - you have to access any part of the “stream” multiple times randomly. Almost any part of the program can end up linking to another. So you do end up needing to keep it all in memory. And modern linkers need to do LTO which ends up needing to load all compilation units into memory at once to do that optimization.
But sure, if you’re that confident go for it. Writing a linker that can use a fraction of the memory, especially during LTO would be a ground breaking achievement.
