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I think, if you are suggesting that 'normally' proportioned people could / should ride 27.5" bikes as XC race rigs, it's kinda a moot point because the industry has decided that they shouldn't and limited frame options to that effect. There's some esoteric stuff out there, sure, but not nearly enough to mean 27.5" SIDs will be a mass market fork. It's like niche in a niche.
You could extend the travel to 120mm and chuck it on a trail bike, I'm not sure it would be any fun though, unless the idea of fun is the lightest trail bike imaginable.
Having raced (very uncompetitively) on both 29er and 650b I can confirm i noticed very little difference. I was slow on both, but obviously a 650b wheel is lighter and stiffer.