I've given this some thought in the past, although on a larger scale. It's always come down to:
Increased geometry helps with stiffness faster than material changes.
It works better with a sheet on the top AND bottom (think sandwich composite, aircraft wing, or even I-beam) but few people are going to buy aluminum plate instead of plywood. Once you have a couple sheets of plywood involved it's easier and cheaper to make the rest out of dimensional lumber.
I have access to welders, and when things get big steel is a lot cheaper than aluminum, and of course has stiffness benefits.
As suggested in the OP this would be great for someone looking to frame up a canopy, light brackets, etc. I use a lot of this stuff at work, but there's a reason you don't see many aquarium stands made from it.
I have considered incorporating this into a tank stand in the future, but it would probably be the 3" x 1" variety, and done so specifically because I want slots I can bolt in to on the front and have a geometry in mind that is not conducive with wood.