Hello
Network slicing divides one physical network into multiple virtual networks based on different service requirements, such as latency, bandwidth, security, and reliability. It is widely believed in the industry that network slicing is one of the core technologies for implementing multi-scenario, diversified 5G applications, and is indispensable in a wide variety of 5G technologies.
The traditional approach of building multiple dedicated networks will inevitably waste infrastructure and network functions. If carriers use one traditional network to provide different services at the same time, they will meet issues such as poor service experience, low management efficiency, sophisticated network structures, and tough network O&M. Therefore, the network slicing technology needs to be introduced to use one physical network for a variety of purposes. Network slicing has become the most ideal 5G networking mode in the industry.

About 5G Technology it is not only about cost and high bandwith. It claim to be capable of support a wide variety of service.
At the 22nd ITU-RWP5D meeting in June 2015, the ITU determined the name, vision, and schedule of 5G and defined three major usage scenarios:
enhanced mobile broadband (eMBB),
massive machine-type communications (mMTC),
ultra-reliable low-latency communication (URLLC).
eMBB features high bandwidth and wide coverage; mMTC features low power consumption and massive connectivity; uRLLC features low latency and high reliability. The three scenarios raise different requirements on rate, coverage, capacity, QoS, and security. Therefore, 5G networks must flexibly combine and adjust these performance indicators to meet the personalized requirements of different applications.



Hope this can help you
Best Regards
Sources:
https://support.huawei.com/enterprise/en/doc/EDOC1100133578?idPath=8221819
https://en.wikipedia.org/wiki/IMT-2020