Usually internal wastegates are used to prevent overspeeding the turbo. In lay-man's terms, the wastegate is used to limit maximum shaft speed which is very closely related to intake boost and exhaust gas drive pressure.
The only way to maintain boost with lower drive pressure is to increase heat in the exhaust system= higher EGT's.
Think of it this way, to make 60 lbs of boost, your turbo needs to develop 30 shaft horsepower. The shaft horsepower is supplied by the turbine wheel. The turbine wheel converts exhaust heat, exhaust velocity, and exhaust pressure into shaft horsepower. If you remove pressure by opening a wastegate, the only way to maintain the needed 30 shaft horsepower is to provide more exhaust heat and exhaust velocity. Technically, exhaust heat and velocity are very closely related since temperature is really just average velocity of the molecules of exhaust gas.
If you wanted to take wastegate theory a step further, you need to start looking at compressor maps. A compressor map will show the approximate efficiency range of the turbo. Consider a stock HX35 being driven to 60psi boost. I would require a lot of shaft horsepower, say 35hp to drive the compressor way off it's map to 170,000 rpm and create 60psi. Making 35 shaft horsepower with a small stock exhaust turbine wheel would require extremely hot exhaust gas at probably 100psi of drive pressure. That 100psi of drive pressure really chokes the motor and robs horsepower. If a wastegate were introduced to this example setup, it could be set to lower boost to say 40psi where the required shaft horsepower might only be 15-20hp. Drive pressure would drop dramatically to say 45 or 50psi and shaft rpm would probably be somewhere around 130,000 rpm. The engine would breath much freer and you'd probably end up with a small increase in HP from the freer flowing exhaust system. An HX35 will flow a tiny bit more air at 60psi vs 40psi but at the expense of super high drive pressure that would rob more horsepower than it can provide with the small increase in airflow. A turbo map shows the efficiency of the compressor at different pressure ratios which can easily be translated into boost. Generally speaking, the higher the boost, the less efficient the turbo's compressor becomes.
Do I think a wastegate will add horsepower to a well balanced turbo system that is operating efficiently in the middle of the compressor map, No!
Why do stock trucks have wastegates? To allow them to run undersized exhaust housings for faster spoolup and less turbo lag.
Can you get a large enough exhaust housing to not need a wastegate? Yes, however, spoolup will be slow and laggy because the housing will be sized large enough to handle exhaust heat and pressure at full load at rated horsepower. A perfect example of this is an 89' Dodge Cummins with a 21cm exhaust housing. Very slow to spool up but no need for a wastegate.
Does a stock 94-2002 truck need a wastegate? No. Why is boost limited to around 21psi? Probably to limit shaft speed to ensure turbo longevity for 300K miles. In fact, a stock 94-98 truck will actually run a tad cooler and make a little more horsepower with the wastegate disabled when the motor is running at full load such as towing up a grade.
In short, wastegating is very dependent on overall setup.