Feels like it'd just create a market for a big rack-mountable multi-bay PCIe enclosure, with its own internal power supply, that you could connect with one ore more thunderbolt cable. I don't see any reason why a solution built around a Mac Studio should have to be significantly more cluttered.
I don't know if such a solution exists right now, but I'm thinking there's a fair chance it will soon as the Mac Pro disappearing creates a demand for something like it.
The Thunderbolt offerings on the current Mac lineup offer dramatically less bandwidth in total if that matters for a given use case. Thunderbolt 5 is the equivalent of PCI-E Gen 4 x4. So if all 4 of the Thunderbolt 5 ports on a Mac Studio can run at full speed, that's still only the equivalent of a single gen 4 x16 slot. That's less than half the bandwidth of a basic consumer x86 CPU, to say nothing of the Xeon that was in the previous Intel Mac Pro or a modern Epyc/Threadripper (Pro).
This is a big reason why things like eGPUs kinda suck. Thunderbolt is fast for external I/O, but it's quite pathetic compared to internal PCI-E.
The DAD AX32/AX64 is such a thing.
Thunderbolt is really an unsung hero here. It is surprisingly nice to be able to move various components around my desk that would have otherwise sat in a huge tower hogging all the PCIe slots they can find.