The lower voltage helps reduce leakage and capacitance in the chip as the wires get closer together. But it does argue against more states due to the benefits

The lower voltage helps reduce leakage and capacitance in the chip as the wires get closer together. But it does argue against more states due to the benefits of just making 1 smaller if you can and packing things closer. Though maybe we are hitting the bottom with Dennard scaling being dead. Maybe we increase pitch and double state on parts of the chip, and then generations are measured by bits per angstrom.