Here's the argument Mark Cerny presented at Gamelab 2013 about their choice going with 256-bit GDDR5 @ 176 GB/s vs 128-bit GDDR5 @ 88 GB/s + small eDRAM @ 1088 GB/sec (over 1 TB/s).
Starts at 38 minutes 54 seconds in.
On one hand, that might also make for an argument against using High Bandwidth Memory in PS5. However, unlike the typical embedded memory which would be limited to the tens of MegaBytes (i.e. 32 MB eDRAM in Wii U GPU, 32 GB ESRAM on Xbox One GPU and 64-128 MB eDRAM with Intel integrated GPUs) the HBM would be in the GigaBytes (i.e. 8 GB, at least).