While it may be true that you can get blades that are thicker than 5/16", it is very hard to find suppliers of bar stock that have anything thicker than that. At least that is the case for knife steels. Many of them do not seem to come thicker than 1/4". If you have enough money to do a custom order I would imagine that you could get them made thicker, but that would cost many thousands of dollar. The big knife companies would have the money, but would they have the demand?
Now, if you were looking at a forged blade it could be made as thick as you would like. Although after a certain thickness it becomes more of a prybar than a knife.