Have you seen Liam's investment in machinery (look at his instagram if you really want to know)? I don't think he has any problems needing easier to work steel, especially if we're talking about 5160 being a better option. I would like to know the cost difference in 4140 vs 5160. Beyond that the price has nothing to do with the performance. I could make an axe out of S90v (heck I saw a shovel made out of it) and it would cost a fortune...doesn't mean it would make a good axe.
The hardness statement, while not necessarily false, also seems out of place here since I"m pretty sure Hoffman says he hardens to 57ish and I've seen Gransfors mentioned as 1055 hardened to 57 and I've never seen 5160 as harder than 56-58. Just because people talk about vintage axes being higher carbon and harder w/o any real data on what the steel used is or what the RC values are doesn't mean they are right, especially if they haven't used an axe in 4140.
Here's the link to the 4140 for the Boy's Axe...it used to be on omahaknife's website too but they are no longer available:
https://bushcraftusa.com/forum/threads/council-tool-boys-forest-service-axe-available-again.136057/
We can always talk about ideal, but to say an axe in 4140 is "passable" is just a false statement. It's far more than that, and the numbers and steel properties back that up along with people's reviews.
And for the record I think 52100 would make a less than ideal felling axe steel. It's low in toughness, particular in heat treat, and much more wear resistant (which serves little purpose in a striking tool that chops and pushes through wood) than 5160 and the like..which would make it much harder to deal with if it got edge damage and no power tools were available.