LP GPUs are (generally) a similar length to ITX full-height GPUs (as this matches the HHHL standard size), with dual slot coolers. ITX GPUs are quite often taller than official PCIe AIC height to maximize fan size and fin stack size. As such, at the very best, a low-profile card can cool <1/2 the wattage of a full height ITX card. Then there are power delivery issues: the slot only delivers a maximum of 75W (though this is actualy a bit of an overstatement). Adding a 6-pin PCIe connector would eat up a significant portion of board space on such a small card, which would reduce cooling potential. This jives pretty well with current available offerings: the most powerful ITX cards approach 180+W, while the most powerful ITX cards reach about 75W - which is both the power limit and where cooling potential seems to peak (-ish).
Making a three-slot LP card could alleviate both of these factors (but also introduce a host of compatibility issues), but then you get in trouble in terms of actually fitting hardware on the card - the package of most high-end GPUs would pretty much span the entire height of an LP card, and then you have to fit RAM (needs a lot of space!) and VRMs (also need quite a bit of space). A card with a reasonably sized die and HBM would likely fit, but power delivery would still be a challenge, as would routing heat pipes for such a heavy heat load within the tight confines of a HHHL area. Some sort of dual-board sandwich layout (like some dual-GPU cards way back when) would alleviate this, but would have a serious impact on cooling potential (smaller heatsinks, only radial fans) and would dramatically increase costs.
In other words: it could be possible, but it would be exorbitantly expensive, incompatible with the vast majority of low-profile cases, and have absolutely terrible value for money.