You don't just shrink die sizes without thought. You need to produce a whole new set of masks, which is cost dependant (GPUs sell less, therefore mask is a significant cost, so you don't make the thing as quick)! As Cell is intended to be used in everything from your fridge to your PS3, it is economical because the cost can be amortized over all devices.
Also, on a non-economical view, shrinking components does introduce electrical considerations...