When I was doing my master's in 2004-06, I talked to a guy whose MSc thesis was about running NNs with GPUs. My thought was: you're going to spend a TON of time fiddling with hacky systems code like CUDA, to get basically a minor 2x or 4x improvement in training time, for a type of ML algorithm that wasn't even that useful: in that era the SVM was generally considered to be superior to NNs.
So it wasn't that people thought it couldn't be done, it's that nobody saw why this would be worthwhile. Nobody was going around saying, "IF ONLY we could spend 20x more compute training our NNs, then they would be amazingly powerful".