Sorry, but I'm not seeing where the increased channel "noise" is coming from. Higher channel use/congestion yes. Noise, no.
Tim, I think you know the answer already, but it's nice to ask the leading question, as you know I'll respond in kind
Really goes down into the PHY itself - the frame is orthogonal, but the streams within the frame are only quasi-orthogonal...
If we have three spatial streams, even with four radios, we have a limited set of choices, and all three streams are transmitted to all clients _at the same time_ - so if we have 3 clients in the frame, even with STBC's on each stream, the symbols for all three are present. Each STA has to pick out the relevant bits from that frame - the non-relevant bits are not useful, thus are noise... and that's a 6 dB hit at the PHY, by the times info gets up past the baseband, we have a string of bits that might or might not be a frame - if the CRC fails there, then the frame is dropped...
At the client side - I can drop from 2 streams in MIMO to one stream, and get 3 dB back, and that can be an MCS step up by one or two even, depending on the channel state at the time, and have a better chance of getting good bits.
SU in 11ac is fairly accurate, even when Beamforming is in place, and we see error rates at the PHY of around 2 to 4 percent - without beamforming, it's close to zero - in MU, packet error rates can approach 30 percent or higher - and the AP needs to sort out if a member should be dropped from a MU group or not based on PHY feedback, MAC layer feedback, and even network layer.
(note - it's hard to see this unless you have deep access into the WiFi chipset itself, or on a lab benchtest gear with the appropriate libraries, but it can be inferred to some degree just looking at the 802.11 traffic in wireshark - even with a MU capable client, one only sees the client itself if the driver allows, there are test/development builds at the AP side that can dump more data there)
That's the challenge with MU and commodity chips - inaccurate channel state information can cause problems like this in the simple MU that 11ac does. Part of the issue with the CSI loop is that full CSI is a lot of overhead to work with, so vendors use an estimate, and sometimes it works, and sometimes it doesn't.
802.16m and LTE addresses this by additional work, as does 11ax.