Why is that Oracle instance using a max thread pool size of 2048 on a 12-core host? That seems like the real problem. Why not configure a smaller thread pool like cores * 2, and do more queuing on the server? It seems wrong IMO to expect clients to tune connection pools based on how much concurrency they think a server can productively handle. The client doesn't necessarily know how many cores the server has, or more…
A transaction, in SQL, requires the ability for the client (or the backend) to roll it back at any time before it gets committed—and thus, a transaction in progress requires keeping around at least two "world states" of the DB engine: the one before the transaction began, and the way the world looks after the current statement's modifications—but not those of any other concurrently-executing transaction.
Thus, a backend concurrent connection (i.e. transaction) cap of N, translates to O(N) concurrent MVCC "world states" that the DB engine has to keep track of. No matter how efficient the DB engine is at doing that, that's still a lot of state!
Imagine an RDBMS instance shared between numerous clients built and run by different companies. This RDBMS is locked down in various ways to guarantee each company an SLA on their queries. And, of course, the most important part of that SLA is that a query that is ACKed by the server as having gone through, must never lose data.
If you allow clients unlimited concurrency, they can execute enough transactions to fill memory and disk with MVCC world-states, causing potential data loss (since the full disk may have prevented the DB engine from writing down a committed world-state.)
Thus, ACID-conformant SQL-speaking databases are always going to limit the number of concurrent transactions, and so the number of concurrent connections; and so—at least for SQL-speaking databases designed for instance-addressable rather than cluster-addressable deployment—the responsibility for deciding how much concurrency a client wants/needs is always going to be pushed to the client, so that an enterprise with a DB cluster can set up its less concurrency-intensive clients to self-limit their pool size.
† SQL isn't a wire protocol per se; it's just a syntax and semantics of a formal language, without even a shared encoding. But the standard does specify per-connection and per-transaction state-machines the backend must have, and how these are affected by executing particular statements. So, in this way, SQL is an abstract contract for the semantics that any particular RDBMS's wire protocol must obey. A "meta-protocol", if you will.