Well, it certainly is technically possible.
> it's really surprising how powerful GPUs have gotten. Improvements over the last few years have been very nonlinear
These improvements did not come at fixed cost, though. Prices for top-of-the-line GPUs have been increasing (as well as die sizes, power consumption, and manufacturer margin).
Together with Moore's law, that already brings nonlinear improvements, the available computation power has increased a lot.
However, those GPUs are very expensive. Most people just can't afford them. And if few people can afford them, it's hard to justify paying a whole army of developers (like AAA game studios) to bring that kind of experiences.