Hardware acceleration isn't necessary for what they do today, which is near and far field HRTF transformations with a bit of reverb. But a higher quality HRTF takes up a lot more computation and beaming it around the environment and accounting for materials changes is definitely in the realms of ray tracing like computation overhead, its the same problem.
So while I agree what we do today doesn't require hardware acceleration we could have dramatically better sound if we had enough computation resources to do it, which we don't currently. Audio isn't done, its not a solved problem that can't improve, the very fact that a soundblaster z on 5.1 to headphones sounds is a lot more accurate for positioning than DX headphone mode tells us there is more to be done.
Microsoft didn't bring the 3D positioning into DirectX because there was no need for hardware anymore. It did it because its operating systems were getting crashed by two things - GPU drivers and sound drivers. They dramatically changed the driver interface for both, with GPUs they had no choice but to allow them in user space but minimised the interface they could have in the kernel to reduce crashing. But with sound they decided to do it all in software at a lower fidelity because it could be done on the CPU. There its stayed for years without any improvement. Before MS did that we were starting to see the emergence (from Aureal) of beamed environment bounced sound not just binaural surround sound and that was a big deal. Today with a sufficiently powerful card (I doubt TruAudio is that) we could have that and more.
I am constantly disappointed with surround sound today, its really poor quality compared to what we had a decade or more ago, a lot more can be done to produce compelling sound stage in games. A lot of it doesn't require these companies to do anything more, its the same interface as they have always been using (play a sound at position X,Y,Z with object moving at speed in x,y,z). The rest is all in the API. Clearly Microsoft isn't interested in doing this so its high time someone did, I am just disappointed its not Creative who should have been working on it for the last 10 years.