Well there is that OCuLink thing that the PCIe Consortium has been working on, but I haven't heard anything about it recently, and version 1 is only 4 links, so you'd need 4 of them for a graphics card assuming link ganging were supported.
Still cables like that along with power cord would be much appreciated as an alternative to ribbon risers.
As for power, the big thing is just using a smaller connector design. Mini-fit connector are still rather sizable when there's a bunch of cables, and wire gauge and amperage restrictions require multiple voltage and ground lines, though the biggest problem with the ATX connector is having multiple voltages, and is the reason thin-mini ITX just convert voltages on the motherboard.
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I posted earlier an idea for a Main PSU in the case and a PicoPSU like PSU on the motherboard socket.
Since it is controlled by the motherboard still and produces 12VDC, a system like that could easily power GPUs and scale with the number of cards you have. It also still allows for the power brick setup PicoPSUs use now. I also figured, the EPS can be provided by a passthrough off the mobo PSU rather than a second cable bundle.
Other peripherals can be powered by the motherboard PSU, or as an option, make drive backplanes that accept 12V only and convert the other voltages (granted they tend to be little used) on the backplane; additionally, being a backplane, it can accept mini-SAS connectors to connect up to 4 drives back to the motherboard per cable, so that's extra wire savings.