That is wrong. The question is how to make it available for the system, not for a RAM disk. Other OS do this.
It is not wrong. PAE exists. The problem is, that there is no real API to use it. Some programs could use it, as it is (raw memory space), for some things, but that could be expanded, if somebody knows how to do it. The one program, that comes to mind, is CLAMD.EXE, which loads huge amounts of data into upper shared memory space (at least it is UPPER shared space). That could live in PAE memory, with a bit of work. I am sure there are other things that could use it, without having to write a whole API. Another possibility is to use PAE memory for disk cache. At least the source code for JFS, and FAT32, is available.
Perhaps some current API could be redirected to use PAE memory, rather than upper shared memory (for instance). There are possibilities, if someone knows how to do it, and is willing to try. Part of the problem is, that not all computers have more than 4 GB of physical memory, but most new computers do have more, and it could be used. Another part of the problem is that many OS/2 programmers have lost the ability to do much more than port programs from other platforms (which is actually what is causing the problem, in the first place, but is probably necessary), and they just don't know how to do things like this any more. Those who do have the knowledge are far to busy doing more important things.
Any part of the current memory space, that can be eliminated, leaves more space for other things to use. The RAMDISK works very well, but there is a limit to how much space you can actually use as a disk drive that needs to be loaded at boot time, and unloaded at shut down, if you want to use it with data that must to be saved over a boot (in some cases, the RAMDISK can still contain the contents, but there is no guarantee about that).
Don't say "you can't do that". Ask yourself "how can i do that". That sort of thinking produced the QSINIT package, and the QSINIT package has enabled more than just the RAMDISK. It also enables using fragmented memory, that is often found in new computers. It is essential to the UEFI support that is being developed (which includes better support for DOS/WinOS2), and it will probably be used for many more things as the need arises. Small steps lead to greater things.