You are talking about the smart grid. Having made an utter mess of "smart" meters governments have still not learnt and are letting private businesses battle it out to see who wins rather than just set up a committee and get a technical standard hammered out so that companies large and small can offer their products and ideas and things move faster without a single company monopoly.
I have in fact wondered about setting inverters to output slightly more than a power factor of 1 to help balance the grid. Obviously this cannot be the sole solution or we are back to having much more current flow on the grid than the wiring can take but distributed generators that supply a power factor over unity would be manageable locally and lots of local systems being better balanced would make a big difference to the main grid backbone.
programming in a fixed power factor of 1.05 or 1.1 only offsets the amount of capacitors needed to compensate, it doesn't do anything else.
where i live, 100KVA capacitors can occasionally be seen on power poles, to cancel out the inductance of the powerline, or reduce the amps a little due to say, 0.9 powerfactor of homes these days (probably used to be worse) . 100 kva is only 10 amps at 12700 volts or 22uf (granted actual values are different as there are three capacitors at 7200v line to ground. those capacitors last decades, and have very, very low losses.
my guess is, a solar farm at 100% amperer output delivering 1.5 power factor (ltes say the solar energy input is at 70% and the current is at 100% so that's 70% reactive power plus 70% real power means 100% amps output..
lets say you run the solar farm at 100% current all the time regardless of solar incident energy. What is the cost to the inverter's life? lets assume power flow stays positive at all times (it would be 2% negative, at night to offset losses of reactive power production.) -the solar operator is going to want to get paid for the 2% reduced production caused by the increased losses in the inverters.
my guess is, its not worth it.
now, if the utility has control over the inverter's power factor.. it will help with short term voltage control (due to the inductance of the transmission line and the varying load in the nearby location).. but it will not control the power or the frequency, as the solar farms are always delivering 100% of what they can, unless they are contractually or actively limited by the grid operator "somehow".
in otherwords, the dynamic power factor control may be able to be used to increase the life of tap changers... but that's about it.
that.. "somehow" is the problem and the solution. everyone wants to make the most amount of money possible, but the grid demand is fixed, unless dynamic price lowering can increase consumption.