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I looked at this when constant folding was first introduced
and it did not seem worth doing because 1) it would be
somewhat complicated to implement (counting each time a
constant is used and renumbering all constant references
once a deletion occurs), 2) it would be hard to maintain, 3)
it would slow-down compilation, and 4) the potential benefit
is microscopic (saving a few bytes but not improving
execution speed).

Here's an example of the difficulty:

>>> def f():
	x = 3
	y = 3 + 4
	return x + y

>>> f.func_code.co_consts
(None, 3, 4, 7)

The constant folding for 3+4 introduces the 7 but cannot
easily know that the 3 is used elsewhere while the 4 is not.

Am reclassifying this as a feature request for a trivial
space optimization (there is no bug, the peepholer is
functioning as designed). This suggestion could be
implemented but (IMO) is not worth it.