Can you tell me of any instance where someone's auth needed to be revoked within 5 minutes and a delay was not acceptable? I think it's more of an imaginary 'five nines' engineering thing than real life.
Firstly I don't think most people who use JWTs use 5 min refreshes. But even assuming that - any collaboration software. Imagine you invite a user by mistake to an internal wiki, you don't really want them looking at the content for 5 minutes. Much better to be able to revoke instantly.
Then you have anything that handles financial data. If you're a bank and you get a call that you have a fraudster taking over an account; you want to be able to revoke that straight away. Waiting another 5 minutes could mean many thousands more in losses (simplified example, but you hopefully get my drift), which arguably the bank may be liable for by the regulator.
Also many other "UX" problems, you also don't want roles to be out of sync for 5 minutes. Imagine you are collaborating on a web app and you need to give a colleague write access to the system for an urgent deadline. She's sitting next to you and you have to wait 5 minutes (or do a forced login/logout) before you get access, even after refreshing the page.
Finally it's really far from ideal to be using 5 min refreshes. For idle users with a tab open you will have people constantly pinging the backend all the time to get a refresh. Imagine some sort of IOT use case where you have thousands of devices on very bandwidth limited wide area networks.
Furthermore - it's a total mess on mobile apps. Imagine you have an app (say a food delivery app) that is powered by push notifications for delivery status. If you've got a 5 min token and you push down an update via push notifications telling it to get new data from a HTTP endpoint to update a widget, your token will almost certainly be expired by the time the delivery is on the way. You then need to do a background token refresh which may or may not be possible on the OS in question.
You don't tell them they are fired and then revoke access immediately. Either access is already revoked or they are given a reasonable time to close out (you have end of day before we revoke access, we will revoke access after this meeting etc). Either way a JWT expiring every second versus 5 minutes doe not change things.
I'm trying to be sensible here not dream up straw man scenarios of which there are many.