Huh, I was pretty sure that you need an extra chip in-between. Otherwise, the 4 CPU lanes will just drop to 4.0 level.
I expect consumer machines to keep doing some conversion and expansion in the chipset, but nowhere else. I expect servers to directly attach almost everything and drop down to smaller lane counts for large numbers of devices.
It's worth noting that when Kioxia first put out PCIe 5.0 EDSFF drives, they were marketing them as being optimized for 2 lanes at the higher speed.