Why bother with Esram if you have enough gddr5? I assumed it is only there due to ddr3 not having enough bandwidth and gddr5 offers enough bandwidth.
Some of the designers' decisions about the use of ESRAM were that they were not comfortable with where GDDR5 would take them from a cost and power standpoint.
They also saw that developers generally adapted to the EDRAM of the 360, and the ESRAM was essentially that, but better..
The aggressive memory choice wasn't a sure bet for Sony, since the PS4 did lower its memory speed somewhat at the same time that it bumped capacity to 8 GB relatively late in the process.
The question of why bother if there is enough GDDR5 is that a design decision was made that enough GDDR5 was going to require sacrifices along other axes.
Power-wise, AMD's marketing for the HBM-based Fury X system put a 512-bit 290X subsystem at 37-50W. Cutting it in half for the PS4's 256 bits (slightly faster) is a not insignificant chunk of the power budget for a console working in the 100-200W (the further from 200, the better) range.
http://www.anandtech.com/show/9390/the-amd-radeon-r9-fury-x-review/5
Going above 256-bit seemed to be out of consideration. Also, looking at die shots of Durango, there seems to be less of an obstacle for shrinking the chip than Orbis. The DDR3 PHY blocks are nicely packed into the corners of the chip, so at least from a visual standpoint, there's more free perimeter to handle a shrink, while an interface that takes up more perimeter can make shrinking more problematic.
A shrink of Durango now means the ESRAM takes up (naively) half the area. That could mean area savings, or room for more capacity. The ESRAM and its interface would shrink, more so than any external bus. Whether the on-die interface is scalable is an unanswered question, but in theory if the ESRAM and its interface shrink as silicon is wont, then 2x the capacity AND bandwidth might be possible within the same power budget.
I admit hbm is expensive if also adding moreory to the system but what if Microsoft want more than 8 GB or ram, does gddr5 scale that far easily / cheaply.
GDDR5 has generally lagged the capacity of other standards a bit. DDR3 was a more sure capacity bet at the time, and it's more recently that higher-density GDDR5 has made it unnecessary for the PS4 to use clamshell mode.