This is something AMD is already doing for EPYC, and they've already used HBM2 in their GPUs.
So I'm surprised they haven't released any CPU models with crazy huge L4 caches using a few GB of HBM2.
Then again, Intel made a laptop CPU with a huge 128MB cache and their comment was that it didn't make that big of a difference. I believe the performance boost was less than 5% for going from 64MB to 128MB.