Are you thinking of laser pumping applications? Bonding wire evaporation IS a significant issue, in that case.
See first google hit for - led pumped laser.
Multiplexing of visible LEDs in arrays or displays once provided an overall improvement in energy consumption, for similar levels of effective visibility. This seldom involved operating the parts anywhere near their continuous ratings.
LED mfrs are extremely jealous of their demonstrated longevity below the maximum current ratings - denying responsibility for any application exceeding this by any significant degree. Even a 10% low frequency ripple around this rating is considered as abuse.
RL