Something like (fragment?) shaders for audio would be amazing though. Or maybe just an embedded low power CPU (running realtime). I think there's a lot of room for generative audio still (or various degrees of "rendering audio"), or applying distortions like doppler, various reverbs, or just generating things on the fly via synthesis, you can do things like make each effect unique and have various custom parameters (material pairs, impact velocity, room conditions, etc.).

I think full 3d audio is a different problem though because it, at least, requires a version of the rendering problem (for waves). It's harder in some ways than light rendering (because phase/coherence matters sometimes, the wave equation is harder to solve), but easier in others (no need as much detail as light, wavelength is large), or just plain weird (nonlinear effects from rattling and such).