Actually, they do. Haskell calls it sequence :: (Traversable t, Monad m) => t (m a) -> m (t a) [1]

It works by consuming the structure outside the monad and rebuilding it inside. A possible implementation specialized for lists is

  sequence [] = return []
  sequence (h:t) = do
    h' <- h
    t' <- sequence t
    return (h':t')