They could go to DDR5, PCIe 5, AVX 512, and still have a transistor budget left over for whatever they like.
The 'whatever' is the interesting part. What exactly does a GPU do that a CPU doesn't?
Typical GPUs have crazy high memory bandwidths and good latency hiding by using many (thousands) of threads.
So if AMD does something like increase the number of memory channels and implement 4-way SMT, they're poised to upset NVIDIA in the HPC space in a big way.
Many people would much rather program for a general-purpose processor than the CUDA platform with all of its quirks and limitations...