ray-tracing / path-tracing as a category tends to be very branch-heavy with non-local data. GPUs are able to be so insanely parallel because their workloads
don't branch much (or rather, every "thread" takes the same branch)
and their data is tightly packed.
Think of a GPU like a dozen really, really basic in-order, non-speculating CPUs, each one with a stupid huge wide SIMD unit. As long as the data is nicely packed, doing the same operations on each unit of data, boom - turbo mega ultra fast. That's rasterization. That's pixel shaders. That's modern GPU workloads.
ray-tracing, though? Rays bounce around. They branch. They don't all do the same thing on nicely packed data.
This would be where something like the Xeon Phi coprocessor would fit the bill in theory. Although it looks like maybe it didn't pan out all that well as Intel seems to have killed that product line?