Thunderbolt chips already cost an arm, and a leg.
I'd say a purpose made, abuse proof optical cable is better than high frequency copper cabling.
Singlemode's biggest weakness is alignment, optics, and a big change for a single dust particle to do a double digit decibel drop.
Either terminations will have to be done with some abuse proofing ferrule with a built-in lens, or every optical cable have to be active, with a transmitter glued to it.
The later in comparison to first, solves the issue in its entirety, and is not that much of a crazy proposition today.
Even the most fancy laser chips like EAM, and MZI modulated ones, can be made for cents if the competition will made vendors to drop prices.
Right - you can buy these right now: https://www.corning.com/optical-cables-by-corning/worldwide/...
1. Single mode fibre already costs less than high high frequency cabling.
2. A standard written from scratch can move all smart electronics, and even some passives from the transceiver into the device.
3. The moment a transceiver turns into a standardised single chip device, economies of scale turn enormous.
4. Optics can be simplified for direct attach devices.
5. Cheapest transceivers sets + cabling for single mode 10G ethernet already cost less than $10 wholesale.
An awful lot of USB issues would go away by getting rid of the need to push an electrical protocol too close to physical limits, enforcing sane minimum standards so end users have a clear idea of what a given port can provide (none of the current mess where 'USB-C' represents a connector that could support any number of protocols), and making layer 1 a dumb pipe (no special wires needed to support optional feature X) so functionality could be entirely software-defined.
USB is just too complicated for its own good, and has too many optional features, to be friendly to end users.