True, but there is a tradeoff: beam width is narrower with a higher number of bays, making the signal more subject to multipath and blockage by physical obstructions.Remember, most of those higher power stations are using high-gain antennas... 8, 10 and 12 bays. So they can run a 40kw or so transmitter (which for FM consumes a lot less than an AM transmitter of the same power) and the power bill is not huge relative to the kind of billings you can get in markets like Santa Barbara, Memphis, etc.
More than 30 years ago for a period of time, KMAJ (Topeka)'s antenna was damaged and the station temporarily ran with one bay. I was told that the station's then-owner noticed improved reception in Topeka proper and seriously considered reconfiguring the station. This was back when KMAJ had 100 kw and 370m HAAT; after Cumulus bought it, the station was downgraded anyway to facilitate a move of its Lexington, Mo. station at 107.3 to North Kansas City.