There used to be cables with USB connectors on both ends and dongle in middle, that did Ethernet between devices. That would be possible to do with USB-C, effectively two USB-C Ethernet adapters connected together. I had never thought to use two USB-C Ethernet adapters with short Ethernet cable, I bet you hadn't thought of it either.
The problem is that this isn't needed very much. Computers are almost always connected to local network, or can make Wifi Direct network if needed. There are programs for making local file sharing but they aren't common enough to rely on them.
It would be nice to have Ethernet over USB without needing adapter and using the high speeds of USB3 and USB4.
There's no hardware reason why two type-C ports couldn't adopt host and device roles and become a NIC. Could be an RNDIS class endpoint or emulate one of the ultra common ASIX ICs. That's basically what my phone does when USB tethering.
Why does my desktop computer do less?
The drive appears as a network share, but it's not bidirectional, in that you can read/write from/to the target device, but the target device do the same to you.
10 Gbps networking. Although it seems to have really high latency for whatever reason.
But it's not automatic. You gotta do it manually https://support.apple.com/guide/mac-help/ip-thunderbolt-conn....
I would have expected airdrop to automatically switch to thunderbolt if such a connection exists, but it doesn't.
1. Thunderbolt Bridge exists and is enabled.
2. All active (enabled, connected) interfaces get link-local IPv6 addresses.
3. All active interfaces without static or DHCP-assigned IPv4 addresses get link-local IPv4 addresses.
3. Multicast DNS (Bonjour) is enabled.
So basic networking should be automatic, though no file sharing services are enabled by default.
TBF though, you could always just set up a mesh network. Wait. Does mesh network functionality still exist?