No they wouldn’t
The second it became clear this was a larger theme they would sell the debt at a premium to the debt collectors
If it somehow got to the point of hurting a utility or big company government would ride in to the rescue

It’s not stateless end-to-end, it just means the client needs to keep track and pass the state rather than drivers or hardware

I’m not 100% on the motivation but from an architectural standpoint it does make sense - your software can now do many new and weird things without a hardware change

One example I saw was allowing an arbitrary number of streams to be processed simultaneously, just passing the different context state for each stream