I can't say I agree here. It really depends on the cost of the swap operation required to make this work. Consider a lock-free map for example. Under high contention, I'd prefer to wait for a lock than copy the map while spinning on an atomic. What would push the needle for me one way or another (with respect to locking vs lockless) is a blend between the probability of contention, the cost of the loop itself, and the cost of the swap.
Lock free algos are very good when you have many pure readers and few or occasional writers.
Its a weird architecture because of how each "thread" shares an instruction pointer (ie: NVidia has 32 threads per wavefront, AMD has 64 workitems per Work Group), so its not "really" the same kind of "thread" as in Linux pthreads. But still, the scope of parallelism on a $500 GPU today is rather outstanding.
All of these threads could potentially hit the same global memory at the same time. I mean, if you want bad performance of course, but its entirely possible since the global memory space is shared between all compute units in a GPU.
Lock free algorithms are generally better when the odds of contention are high, as you can devise algorithms that allow all threads to make progress at the same time. In general, this allows more parallelism, but the cost is that it typically requires more overall atomic operations.