Earlier quoted context omitted.
But you would then need to bring it down to the low voltages required by the chips and that would greatly increased cost, volume, weight, electrical noise and heat of the device.
Nah, modern GPUs are already absolutely packed with buck converters, to convert 12v down to 2v or so. Look at the PCB of a 4090 GPU; you can find plenty of images of people removing the heatsink to fit water blocks. They literally have 24 separate transistors and inductors, all with thermal pads so they can be cooled by the heatsink. The industry could change to 48v if they wanted to - although with ATX3.0 and the 16…
I guess the problem is not only designing the cards to run on the higher voltages but also getting AMD and Intel on board because otherwise no manufacturer is going to make the new power supplies.