PCI-e requires hosts and devices to be backwards compatible, but the interface speed is a required part of the spec. Nobody makes a PCI-E 2.0 device that only works with PCI-E 1.0 encodings/speeds, or anyway, it wouldn't be acceptable.
But USB 3.0 is pretty much the only "speed" that hasn't changed - it always required the extra connectors for 5Gbps from the start - but no more. What about those ports is now not "3.0"?
I use USB-C displays, but they run in DP Alt mode. I don't have many (any?) storage devices that can max out a 20gbps connection, and usually don't exceed 5gbps
USB interface chips are, as far as I've seen, a Cypress/Infineon FX3 or a bit more rare FTDI FT600/FT601. I even talked with the FTDI guys at s conference and they said nobody's asking for higher than 5gbps. Infineon just recently, after I think 10+ years, came out with 10 and 20gbps chips. But only for receive. Seems to be for cameras mainly. So surprisingly yes, video production.
But I want it for other reasons professionally. For example, if you look at the signalhound (which uses the fx3) series of products, they often cap out at 40 Msamples/sec for USB. This is a classic 5gbps limit. To compete with the big boys they need 250 MHz if not more. That's 8 gbps before protocol overhead. It doesn't help that USB is extremely dependent on host compute capability to keep throughput up but assuming your PC is up to the task, 20 gbps could interface some serious data to the real world.
Images, videos, movies, file transfer/backup. 50 megapixel RAW images from a DSLR that can capture up to 20 images a second get big. My daughter is a much better volleyball player than I am sports photographer, so I have to spray-and-pray to capture those high-speed hits at the net.
Transferring a few hundred such photos via a card reader was so glacially slow it was worth adding a 20Gbps USB3.2 2x2 port to my home server (Ryzen 5600x) via a dedicated PCI-E card. The USB3 ports on a good enthusiast-class mobo for that generation (only 4 yrs ago) max out at 5Gbps (theoretical). I would have added a 40Gbps Thunderbolt port instead but then I'd have to take a hit on the top speed of my second NVMe drive due to sharing PCI-E lanes.
While the increasing deployment of true USB4 ports is wonderful, it's not quite a panacea. Just because a port is labeled USB4 doesn't mean you necessarily get 40Gbps performance. USB bandwidth is shared across multiple ports via internal hubs and then the PCI-E lanes the hub is connected to might be shared with other peripherals (GFX, NVME, I/O cards). And different USB ports have different trade-offs depending on how they're internally connected, which isn't always documented well by mobo makers.
Sadly, in consumer systems the lack of PCI-E bandwidth can still be an issue if you want your expensive GPU to run maximally fast and have multiple fast NVMe drives. You have to spec your system carefully, get the latest generation hardware or pay 3-4x for HEDT/Enterprise chipset motherboards. Getting even 10s or 100s of gigs of data in or out of a PC reasonably quickly and conveniently has always been a bottleneck that's only getting somewhat better quite recently.
For at least 7-8 years I have been using USB external enclosures for M.2 Key-M NVMe SSDs, which always saturated whatever kind of USB port they were connected to, i.e. 5/10/20 Gb/s.
I do not remember when I have last used a SATA SSD, which is slower than 10 and 20 Gb/s USB, but I think that this was about a decade ago.