Don't take this the wrong way but you don't really understand how computer graphic works. 5K display doesn't need more than 2Gb video RAM to run UI and apps smoothly. For gaming, yes, the bigger the textures, more RAM you need, but even that doesn't have much to do with screen resolution, but the texture resolution instead. Since texture resolution has nothing to do with screen resolution, 2 or 4 Gb video RAM can be less than enough on a game even on a 1080p screen and could be more than enough for an 8K game. It comes down to texture sizes. And when it comes to rendering in such high resolutions, video RAM won't help you if the processing power of your GPU is not good enough to do it. Today even a GeForce 980 would have trouble running any demanding game in 5K, and forget about it on a mobile GPU. So, basically, even if you had 8Gb RAM on any video card used in iMacs, you STILL wouldn't be able to run games at 5K. At the same time, for OS X and apps, 2Gb is absolutely enough (I speak from personal experience) for 5K. You can run games just fine at 1080p and even 1440p.
So, basically, no, the iMac 5K doesn't need more than 2Gb/4Gb of video RAM in any practical sense. One day when they can put a strong enough GPU to run games in that resolution (and that GPU all but doesn't exist today, even among full desktop cards) then yes, more video RAM would be put to good use.
Apple put enough RAM in iMacs to run everything smoothly. The base iMac 5K screams in El Capitan. Seriously, it's silly fast. The only reason they even mention video RAM is to have some easy to understand (but ultimately wrong) metric for people to choose a card. For gaming, the M295X can run games with higher res textures and at higher resolutions, so 4Gb is reasonable. 8Gb would be a total overkill for that (or any) mobile GPU. The same way, 2Gb is enough for an M290X.
Also, while Microsoft is getting better and the new hardware is great, claiming that somehow Apple is falling behind is completely wrong, especially if you base that assumption based on video RAM or what you think is adequate hardware. Apple is making some of their best Macs yet. They are literally pushing the technology forward. 5K, USB-C, photo alignment, scissor switch keyboards, haptic feedback - they are moving things at an incredible pace - in fact, while Surface Pro 4 and Surface Book are great, Microsoft is actually catching up and using things like screen tech, trackpad tech, industrial design, etc. that Apple has been using for years now. The main reason MS is getting better is because they are looking more and more like Apple.