The PCI-Express bus is actually rather slow. Only ~63 GB/s, even with PCIe 5 x16!
PCIe is simply not a bottleneck for gaming. All the textures and models are loaded into the GPU once, when the game loads, then re-used from VRAM for every frame. Otherwise, a scene with a lowly 2 GB of assets would cap out at only ~30 fps.
Which is funny to think about historically. I remember when AGP first came out, and it was advertised as making it so GPUs wouldn't need tons of memory, only enough for the frame buffers, and that they would stream texture data across AGP. Well, the demands for bandwidth couldn't keep up. And now, even if the port itself was fast enough, the system RAM wouldn't be. DDR5-6400 running in dual-channel mode is only ~102 GB/s. On the flip side the RTX 5050, a current-gen budget card, has over 3x that at 320 GB/s, and on the top end, the RTX 5090 is 1.8 TB/s.
Ah, not really these days, textures are loaded in/out on demand, at multiple different mipmap levels, same with model geometry and LOD's. There is texture and mesh data frequently being cached in and out during gameplay.
Not arguing with your points around bus speeds, and I suspect you knew the above and were simplyifing anyway.
I wish it was possible to put several M.2 drives in a system and RAID them all up, like you can with SATA drives on any above-average motherboard. Even a single lane of PCIe 5.0 would be more than enough for each of those drives, because each drive won't need to work as hard. Less overheating, more redundancy, and cheaper than getting a small number of super fast high capacity drives. Alas, most mobos only seem to hand out lanes in multiples of 4.
Maybe one day we'll have so many PCIe lanes that we can hand them out like candy to a dozen storage devices and have some left to power a decent GPU. Still, it feels wasteful.
SATA was a cabling nightmare, sure, but cables let you relocate bulk somewhere else in the case, so you can bunch all the connectors up on the board.
Frankly, given that most advertised M.2 speeds are not sustained or even hit most of the time, I could deal with some slower speeds due to cable length if it meant I could mount my SSDs anywhere but underneath my triple slot GPU.
Observing server mainboards reveals many PCIe 5.0 connectors for cables to attach PCIe-SSDs looking similar to SATA ones.
AFAIK, the cpu lanes can't be broken up beyond x4; it's a limitation of the pci-e root complex. The Promontory 21 chipset that is mainstream for AM5 does two more x4 and four choose sata or pci-e x1. I don't think you can bifurcate those x4s, but you might be able to aggregate two or four of the x1s. And you can daisy chain a second Prom21 chipset to net one more x4 and another 4 x1.
Of course, it's pretty typical for a motherboard to use some of those lanes for onboard network and what nots. Nobody sells a bare minimum board with an x16 slot, two cpu based x4 slots, two chipset x4 slots, and four chipset x1 slots and no onboard perhipherals, only the USB from the cpu and chipset. Or if they do, it's not sold in US stores anyway.
If pci-e switches weren't so expensive, you might see boards with more slots behind a switch (which the chipsets kind of are, but...)
There are some exceptions, but I haven't seen one with for example four x16 slots that support PCIe 5.0 x4 lanes with bifurcation.
E.g. https://www.ebay.co.uk/itm/126656188922
Most motherboards don’t go beyond 2x8 with 2x16 physical slots because there is little actual use for it and it costs quite a bit of money.
Asus 5.0 Hyper M.2 with yield 4x4x4x4 in a board that is setup for bifurcation of PCIE slot 1 like that.
I have run 4 GPUs this way and it works very well.
Lossless scaling across 2 8x slots rocks.