The 3 Rs come into play here too.
R1 - Reduce. Buy high quality blades and have them sharpened by a good shop, to get maximum life out of the original blade.
R2 - Reuse. Good quality blades, if well maintained (not overheated from running dull, properly sharpened) can generally be re-tipped. I think there is plenty of demand for blades to be decoratively painted - I've even seen painted "blades" that were never actual blades, just a stamped piece of "sheet metal" in the shape of a saw. But you have to find that person looking for them.
R3 - Recycle. It really is a last resort. Recycling, while far better than landfilling, is still generally the most expensive way to treat waste.
TBH, we recycle our old tooling. There is a cost to using other avenues, and we have just not bothered. I figure recycling is better than nothing, which is probably what we do if we didn't recycle.