Cable isn't the problem it can handle the specified load. It's the connector creating large imbalances.
Switching to 48V isn't practical. Even datacenter equipment with 48V to the cabinet using a PSU to step down to 12V for boards.
Having 48V to the board means including another PSU stage on each board to step down to 12V for standard components, or a more esoteric (expensive) 48V to 1V converter on the board, and more heat dissipated on the boards for that.
But the cable still is a problem. Once you go to multiple cables, load balancing across the different cables is surprisingly hard to do while being completely fail-safe. Cable defects are more common than you think and even minor defects in a multi-cable system that is already pushing those cables close to their design limit becomes a problem. The safety overhead on an individual cable is too small in the design, when the system of cables itself (in this case 6) when just one failed cable overloads all the others. They can't spread that additional 8.5 amps of load across the remaining 5 cables without overloading them, and that assumes that they had proper load balancing design, which they do not. Right now, the power simply goes down the lowest resistance paths, and in stranded cables, you easily will have some cables that may have one or more individual strands that might have a break in them, but the cable will pass continuity testing just fine. It won't show up without a resistance test, and even then it might not show up on the initial resistance test, but only after the cable was bent and pushed around in the case with the ends of the cable possibly straining due to a 90 degree bend, pushing some of the strands while pulling on other strands of the stranded cable. This results in cables of difference resistances, which drives more amperage down the cables with the least resistance, and exceeding the limits of the connectors and/or the cable itself.
A single cable pair or a series of cable pairs which has plenty of overhead is what is needed, not something that is operating with just a few percent of safety margin like we currently have... And yes, it would be expensive, and would require a lot of engineering work to change things from 12V to 24V or 48V. If they want to stick with the same motherboards and socket, it would require a 48V to 12V converter on the cards. With a new motherboard and card socket, you wouldn't necessarily need to convert down to 12V but the GPU and memory chips would need to be redesigned to work at 48V and all the components changed out to ones compatible for 48V operation, but these are mostly larger physical devices, so it may not be possible to use similar board designs even when scaling up to fit the larger components, and even then some components like the memory chips or GPU chip would either still need a step down circuit to obtain proper power voltage levels or need a completely new design.
I didn't say this would be easy, but what I said is that it is what is needed to continue down this path of higher wattage GPU cards and maintain safety without a high risk of fire or melting/burning of components.
EDIT: Also to top all this off, I am surprised that home insurance companies have not flagged the current designs yet as something that will void their fire insurance coverage at this point with so many examples of melting cables and connectors.