Commit charge memory not reaching its full potential

I have several virtual IIS servers (2016) with multiple applications.
26 GB RAM
8 vCPU
Im getting lots of Event ID: 2004 in event viewer on several servers:

Log Name: System
Source: Microsoft-Windows-Resource-Exhaustion-Detector
Event ID: 2004
Task Category: Resource Exhaustion Diagnosis Events
Level: Warning
Keywords: Events related to exhaustion of system commit limit (virtual memory).
User: SYSTEM
Windows successfully diagnosed a low virtual memory condition. The following programs consumed the most virtual memory: w3wp.exe (47500) consumed 1342939136 bytes, w3wp.exe (18704) consumed 1042980864 bytes, and w3wp.exe (10612) consumed 1007996928 bytes.

I moved the paging file to a separate 75GB size partition

however I still see the commit limit is ~35GB
as mentioned here, commit limit = current pagefile size + RAM size

1. why is the commit limit not growing to its full potential(26GBRAM+75GB PF)?
2. why does the w3wp.exe applications not consuming more memory if they need it ?

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