Six 1911's in this household - Ruger, Colt, Remington. Tightest slide to frame fit is on one of the R1's. All have more accuracy potential than I can utilize.
Esthetically, we all like a nice, tight frame/slide fit. Makes us feel good. I recall many Series '70's Colts that rattled when you shook them, but we were able to keep all rds in the 'A' zone at 25m in "single draw & fire" exercises. Cooper used to say that a 1911 that could group consistently into 6" at 25 yds was a good combat gun.
If you think about it, a looser fit means a greater tolerance for grit & grime. Most of us keep our guns clean enough so that a tight fit is not a concern. If you were roiling in the sand box, it might matter.