Unless you're doing IP multicast, you're going to consume more bandwidth by doing IPTV versus doing regular broadcast TV over a HFC type of network.
For on demand, IPTV works well. For broadcast channels, I think it's going to needlessly consume bandwidth.
I assume internally ISP will use some form of Multicast to save not only internal network bandwidth to to reduce load on video servers.
"Wasting bandwidth" is always a contentious issue. It really only comes into play if you don't have enough. Unused bandwidth is like empty seats on an airplane.
If we assume both first-mile and internal network has enough capacity to support wide deployment of demand based IPTV there is no reason to "conserve bandwidth."