I think your argument is still true overall, though, since there are a lot of "gpu poors" (i.e. grad students) who write/invent in the CUDA ecosystem, and they often work in single card settings.
Fwiw Intel did try this with Arctic Sound / Ponte Vecchio, but it was late out the door and did not really perform (see https://chipsandcheese.com/p/intels-ponte-vecchio-chiplets-g...). It seems like they took on a lot of technical risk; hopefully some of that transfers over to a future project though Falcon Shores was cancelled. They really should should have released some of those chips even at a loss, but I don't know the cost of a tape out.