I've never used any pro audio equipment - wouldn't Ethernet be more of a pain than other connectors? You've normally got less Ethernet jacks than any other port on a machine.
That's up to the driver. USB 2.0 can poll at up to 8kHz. USB 3 is harder for me to find exact numbers on but it has more flexible timing and can go even faster.
The other thing I've seen ethernet repurposed for is transmitting HDMI or USB between special transceivers so you can have your PC widely separated from I/O devices. It was a standard approach before Steam Link became a thing.
One of the nice things is that you can get comparatively long runs of ethernet cable without any special equipment. There's absolutely no problem doing 100ft+ runs of CAT5.