The problem is efficiency
USB is very inefficient. There needs to be better USB chips that have 32 bit interfaces with fewer wait states. Perhap. DMA. Right now the controller must slowly send and receive 8 bits at time. This is a waste of 64 bit CPU that should be transferring data 64 bits at a time with few wait states.
So sure, send data back and forth a 5 Gb/s or whatever the rate and tie up your CPU doing nothing but reading or writing data into and out of a USB chip.
The reality is that small amounts of data will be transferred at the highest rate but there will be plenty of time in between the packets.
You know that the faster you send the data the short the distance will be that you can send it. Is speed everything or would you sacrifice some speed for distance? I don't think USB is good for I/O, yet.