All of the models in the pipeline are not optimized with the joint loss (the final machine translation model that maps lang A to lang B does not propagate its error to the low level models in the pipeline).
A pipeline of LLMs will accumulate the error in the same way, eventually the same underlying problem of pipeline not being trained with the joint loss will result in low accuracy.
LLMs or DNNs in general do more compute, so they start being extremely powerful even when sequenced. Making a sequence of decisions with a regular ML model has a similar problem to pipelining, if you train it on single decision loss and not the sequence of decisions loss, then there's a question of can it recover and make a right next step if it made the wrong step (your training data never included this recovery example), but convolutional NNs were so powerful for language tasks that this recovery from error was successful (even though you never trained CNNs over the joint loss of sequence of decision).