"If thicker is better, then why aren't OEM heavy duty manufacturers spec'ing 20w-70 if it offers "more protection"?"
Diesels, whether light, medium or heavy duty, seem to do fine in most cases with a 15w40 HDEO, a 5w40 if a synthetic is desired. If they break things, typically they're melting pistons instead, it's rarely considered an oil failure because they start with an oil designed for wear protection as the primary attribute. This is because diesel engines are typically expected to have a long service life often under high loads, and they can be expensive.
Unlike some bikes and sports cars one typically doesn't see 50w or 60w oils being used in diesels. Some bikes and cars seem to have a wide operating range of load, where 50w to 60w oils are used for acceptable wear protection at the peak loads in order to provide an acceptably long service life.
As previously mentioned thinner oils are often used in racing engines for better performance, as the engines may not need to last very long and maximum performance is needed. In some cases a thicker oil is used for practice in order to manage the wear budget.
Piston aircraft need maximum wear protection under high loads, and typically use heavier oils.
Cars in Europe can be subjected to sustained speeds not seen in the US, and still have long oil change intervals typically not seen in the US, so higher quality and sometimes thicker oils often end up being used in spite of decades of much higher fuel costs. One doesn't too much 5w20 being used in spite of the advertising potential as 'green' isn't a dirty word like it often is in the US.
In the US 5w20 oils were introduced in order to increase a maker's fleet mileage, originally in order to be able to be able to continue selling high margin pickups and SUVs. Ford has used a synthetic blend, and many 5w20 advocates seem to use a full synthetic. The oil seems to do fine, driving conditions and oil change intervals are typically modest, but oil sales of 5w20 are perhaps 15% of oils sold so until dino 5w20 is used by a majority of people we won't know how 5w20 really does over the long term compared to say 5w30. In any case the oil was designed as a compromise between better fuel mileage and wear protection, as outside of the US even the vehicle makers seem to have used and are often still using thicker oils.
It's easy to see why the different types and weights of oils are used as users are balancing wear protection and service life with higher output or better mileage under different load conditions. Everyone is using the relationship between wear and viscosity / hths, in spite of the differences in the use and types of oils.