In time O(n) you can use O(n) cells on a tape, but there are O(2^n) possible configurations of symbols on a tape of length n (for an alphabet with 2 symbols), so you can do so much more with n space than with n time.
I forget the name of the O(1) access model. Not UMA, something else.
(Quite aside from the practical "we build on the surface of the earth" consideration, heat dissipation considerations limit you to a 2 dimensional circuit in 3-space.)
Or if you're saying heat dissipation scales with surface area and is 2D, I don't know. Would think that water cooling makes it more about volume, but I'm not an expert on that.