Let's think about the physics of rail gauges...
- The wider the gauge, the shallower the turn radius. The distance between wheel trucks is involved here, but the simple reality is that the wider the base of the vehicle the greater the drag on the outside wheels when turning. I don't know if trains have ever designed independent suspension and axles, but if you've ever driven in an old-fashioned 4-wheel drive truck (a real 4-wheel drive truck where all the wheels are locked to rotate at the same time) and tried to turn on a dry surface, you'll understand what I'm talking about.
NOTE: @Separatrix points out that unlike automobile tires, rail wheels are conical. This likely increases stability (aka, helps keep the train on the tracks), but it also means the train can take a tighter turn than it would with cylindrical wheels because the outer wheel in a turn has a slightly larger diameter than the inside wheel. That's uber-cool! But it doesn't completely solve the problem. It does mean that my 4-wheel-drive vehicle metaphor isn't as useful as I thought.
- As the number of rails your train sits on increases, the weight an individual engine or car could handle increases. This is all about weight distribution. Trains already do this to a degree by adding axles to the wheel trucks, but weight-per-square-meter counts, so there's only so much distribution you can achieve by doing that on just two tracks. See issue #1 for why you can't just add more trucks (it lowers the turn radius). Having two more rails on a wider total gauge would seriously increase the weight-bearing capacity of the train. But, conversely, the wider you make your 2-rail wide-gauge system, the lower the amount of weight you can carry due to the mechanical limitations of widening the trucks.
Note: This assumes we ignore other factors that are equally important when it comes to weight distribution: the towing capacity of the engine(s), the friction of those engines on the tracks, the grades encountered, the weight bearing capacity of the rails, the strength of the tie plates and spikes, the weight bearing capacity of the sleepers and ballast... but you could believably ignore all that as an assumed improvement that came along with the multi-rail wide gauge.
- The efficiency of the engine traction-to-rail system. One of the many reasons why motorcycles are so efficient is that the drive train (the whole power transfer from the motor to the surface of the road, not just the chain or drive shaft) is small, small, small. Your wide-gauge rail system increases the distance between the motor and the surface of the rails, lowering the efficiency of the motors. From a practical perspective, the reasons for not building super-duper sized trains are similar to those against building super-duper aircraft carriers. There comes a point where the efficiency of hauling cargo is subverted by the inefficiency of moving it at all.
Yeah, yeah... but wouldn't multiple rails allow me to go faster?
Not as much as you might think. What you gain in stability you'll lose in friction to the rails and wind resistance. It's cheaper from a high-speed train standpoint to have a longer train than a wider train. The only reason bullet trains aren't thinner than they are is the mathematics of center-of-gravity become ugly when the object becomes too much taller than it is wide. In other words, this wide gauge idea is great for hauling breathtaking amounts of freight, but not a useful idea for high speed transport.
But couldn't I get around that by making my super-fast, super-wide train short? As in, a meter off the ground kind of short?
I ask that rhetorical question just in case someone thinks of the idea. I have one word for you, just one word: airfoil.
Besides, in the end, technology is almost always second to economy
I've mentioned many times that too many worldbuilders ignore economy. The economics of operating a business of any kind (no matter who's paying the bill) will always drive the adoption of technology. The coolest anti-gravity fusion-powered train won't be used for anything other than an advertising gimmick until the cost of operating that train (including the consequences of derailment...) become cheaper than that of operating diesel engine trains. A hugely simplistic example is this: if the fancy-dancy engine cost 20X a conventional diesel engine, then it had better haul 20X the load or haul the same load 20X faster (rails permitting, which they aren't) or it's not worth buying.
So, would your business mogul choose a two-rail wide gauge vs. a four-rail multi-gauge? That almost answers itself, but the first question is, would the mogul choose to use a wider gauge in the first place?
The answer is almost certainly "no," but let's ignore that question due to narrative necessity. It's already too late to turn away from the choice! In that case...
What are the costs of converting existing track to the multi-gauge vs. replacing existing track to the single wide-gauge?
What's the cost of replacing every engine... every car... with the new two-track wide gauge versions?
How long can the existing track and assets continue to operate and how much will their value decline due to the inability to haul enough cargo or travel fast enough?
Occam's Razor says economics will dictate a multi-rail, multi-gauge replacement every time
I love Occam's Razor, the Law of Parsimony expressed by a 14th century Monk who was probably trying to impress the abbot with his efforts to get out of chores. In a simplistic (and somewhat disingenuous) paraphrase, it says...
All other things being equal, the simplest answer is usually correct.
Not ripping up existing track will always be cheaper than ripping up existing track. Replacing it directly would require one whale of a good discount from the rail, engine, and car vendors or an equally good increase in transport revenues — which are generally unlikely, assuming the mogul could get the financing to do it in the first place.