Weights should not be 0 (at least not frequently) but in a ReLU-based neural network, activations are 0 pretty often. You're absolutely right about die area though.
Hardware engineer here. Special casing the multiply by 0 and multiply by 1 paths is harder than it sounds. In software, the cost of adding special cases is simply performance. You're adding more instructions that execute in sequence on a CPU that already physically exists. Doing this for your multiply case is worthwhile because the speedup is large for 0 and 1 while the cost is not that large (relative to the time taken for the whole multiplication operation) for other values.
Hardware is different. Every operation that can be performed in hardware by a chip needs dedicated circuitry. Special casing 0 and 1 means adding at least OR reduction on each operand and a dedicated multiplexer for every bit of the output. Those transistors use power even when they're not in use (leakage power is a huge issue on modern semiconductor processes). They also degrade timing by adding more gates on critical paths through the multipliers. (The timing issue here is that all operations that happen between one flip-flop and another flip-flop need to finish within one clock cycle.) And unless there are whole blocks of 0's and 1's (this does happen in certain neural networks), you typically won't see a direct speedup anyway. In software terms, the matrix multiply is scheduled as many parallel operations that cannot be accelerated much overall by skipping a few operations in some "threads."
All of this makes zero skipping a nontrivial topic. People do still try to do it but it needs serious consideration as, depending on the application, the case is rarely one-sided.