The "eating less" option is not an option for me, since I weigh only 63 kg. My bodyfat is at a minimum, less would be no good.
My gear is the lightest I can get. S-works shoes, Specialized helmet. Bibs, jersey, gloves, socks.. everthing at a minimum.
I really wonder how you can be faster with a 400 g heavier wheelset, doesn't make sense at all. But it's also a totally difficult thing to compare 27,5+ with a 29er.
As well as it would make no sense to compare hardtail with a full suspension.
For me it's about how light can I go with full function. I don't want to have parts, that fall apart while riding (my bike is built for racing). And I totally agree with you, function comes first. But my bike works for me as it is. It has everything I need, nothing is missing (even 2 bottle cages, which I need of course on long distance marathons).
And why shouldn't I use a Race Face Next SL, a XX1 cassette, when I can save ~150 grams on rotating parts? And the XX1 cassette has more advantages: wider range 10-42 <=> 11-40). With that wider range I can run a larger chainring (36t) and get faster by that
So here we have your target SportingGoods
Lighter = faster, as long as the function is given. And that applies for the whole system (the bike, the rider and the gear). And I try to optimize every part of the system (and the bike fit has already taken place).