Not an SVG, but I'm pretty impressed by what Gemini 3.0 Fast does: https://gemini.google.com/share/52c1229bd1d9
/imagine an svg of an octopus riding a bike. 1 arm shading its eyes from the sun, another waving a cute white flag, 2 driving the bike, 2 peddling the wheels, and 2 drifting behind in the wind
I think part of the point is that the SVG is the hard part. Gemini is quite good at generating images, but it’s trained to generate raster images.