Any DC house-wide bus would see voltage drop along the wires, so all connected devices would have to handle an acceptable voltage range.
Since LED's have a very steep IV curve, they really need either current control or a very big resistor to handle that voltage variation.
Very big resistor = too much heat.
So current control. And the only realistic way to achieve that is with a switched mode power supply.
There is one benefit left for DC: The switched mode power supply could have much smaller input and output capacitors, and operate at much higher frequencies, therefore being much smaller.
No rectifier, no higher voltages, the ability to use capacitors that are a thousand times smaller.
And even if you did use a resistor, it wouldn't have to be too wasteful. If you use normal 14 gauge wiring, your resistance is probably half an ohm. At 48 volts, with a dozen 60-watt equivalent bulbs, your voltage drop is less than one volt.