I don't think larger communal bins would be much better - for one thing in many parts of the country you wouldn't have space for them...wheely bins are small enough that you can put them by the garden path etc, and even on fairly small streets aren't much of a problem.
Larger communal bins require the equivalent of a car parking space every few houses, which on a lot of streets is going to be a major issue, especially as most new developments seem to have been done on the basis of one car per house, narrow roads and zero spare communal space.
Even on our street (1970's, much more space between houses than many modern estates), wouldn't have anywhere really for larger bins (at least not without them being unsightly or in the way) - especially as the big bins are heavy enough when full that the chances are they cannot be manhandled easily, thus you're likely to need to be able to get the bin lorries in closer to them.