With such effective weaponry, there wouldn't be the need to have vast amounts of aircraft in the air at any one time then.
We can't afford vast amounts of modern aircraft when they cost as much as the F-22 does and F-35 probably will. Each bomb has to count.
As for the precision of precision munitions, JDAM II is nothing like the original JDAM, but JDAM can hit a one meter target and does so in any weather. JDAM II has both GPS and laser guidance and can hit moving targets like trucks in the desert. The Air Force is pursuing something called the Small Diameter Bomb, very accurate three way seeker but way expensive, maybe $80K each if they are good at managing their program. Part of the idea is to allow the F-22 to carry more bombs per sortie, but part is also to minimize collateral damage in urban combat. If you can be really accurate you don't need a big boom to do the job.
The US Navy naturally has taken the opposite tack. Rather than use a really small explosive package ( they saw the Air Force price tag for SDB and blanched ), they take a normal 2000 pounder and replace the explosives with concrete. No explosion at all, no collateral damage from the blast and shrapnel, but the thing carries so much kinetic energy it flattens whatever it hits. Cheap too, the most expensive part is the JDAM seeker at $22 grand. The bomb itself costs hundreds of dollars.