The reason why DDR5 doesn't seem to provide much more performance today is because DDR5 isn't here to service CPUs of today. It's here to service CPUs of tomorrow.
The primary reason for the bandwidth increase is to feed more cores as mentioned. You can do this by either increasing the transfer rate (as what each generation of RAM gives us), or by increasing the number of channels the memory controller has (which isn't viable for consumers). And even then, the performance of those cores matter, since the more you can process something, the more data you'll probably churn around.
So while today's CPUs may not be able to make the most of DDR5 now, what DDR5 can provide will give us headroom so when tomorrow's CPUs that can make use of that bandwidth comes around, DDR5 will be a mature technology. And then we'll just move onto the next generation shortly after.