Does you're cooler tray bolt on the tongue?
That'd be a lot of exterior space for such a small interior one, if putting a Yetiesque cooler on the tongue. That's what's on a friends bike trailer and empty or not, that's some weight up front. It's also a bit of an easy target for thieves.
You're not kidding about these new style coolers either.
It seems like everyone I know except myself has one of those ginormous, heavy, and expensive coolers. I've put off buying one all these years and keep rocking my old duck tape customized unit. The main reason is it doesn't matter how awesomely insulated one is if the lid gets opened every several minutes. If ices only needs to last to the end of the day or event, a much less expensive cooler will do that just fine.
The only justification I would have for spending that kind of money and taking up that kind of space is if I regularly camped for for extended time and needed something to keep things like milk and meat cold for days on end and only opened it for making meals. Drinks would go in a separate cooler, but then again, I'm fine with ambient temp beverages and I wouldn't take beer along for that kind of trip anyway. Beer takes up too much room, whiskey is much more portable and I prefer it neat anyway. Not much of a soda drinker and a good cup of tea is made on the spot, no refrigeration needed.
The older style coolers are still out there, new. I kid you not, I seen the exact same one I've had for years, new, on a shelf, a couple months ago. I got a little nostalgic looking at one new. I almost bought one, but the old one is still holding together with some help, so I'll keep it out of a landfill for a while longer.
Some things I just don't get rid of until they're full of holes, stained, and causing problems; like my underwear.
You seen the prices on underwear nowadays?
By the time I can afford to replace them, the old ones aren't even good enough for shop rags.