I too have wondered about this.
A large driver can move a lot of air without massive excursion, which helps reduce distortion, both due to suspension non-linearity and magnetic non-linearity. However, a big cone will either be relatively floppy, so break up earlier, or if stiffer, will generally be heavier, and so less sensitive for any particular magnet size.
Lots of small drivers working together, can collectively move a lot of air, without massive excursion so as above, reduce distortion. Smaller cones can be made stiffer, so can breakup at higher frequencies which could be outside the passband. With series/parallel connection, there's no particular issue with impedance either. However, several good quality small drivers will cost more than a single large driver, although that could be offset by considerations of quantity purchased and costs of a large cabinet.
Quite apart from WAF considerations, it would then seem that lots of small cones working together are a technically better solution that one large cone. And yet, the more satisfying loudspeakers I've heard had all had big cones......
S.