The system clearly works for GPUs, which are even larger and more energy intensive. And bandwidth, with PCIe4 and eventually 5, will start to become sufficient even for CPUs. I could see the card system being shared by both GPUs and CPUs for server farms which are going for density.
If you had say, 64 lanes of PCIe per CPU, it could connect to the two nearest GPUs with 16 lanes each, and keep 32 lanes for RAM. These three components could be interleaved across the motherboard and stick to their neighbors for most communication.