I agree it wouldn't make sense unless you could move all audio processing off of the CPU. You couldn't take an existing DAW's CPU plugins and run them on the GPU, but a GPU based DAW could totally support third party plugins with SPIR-V or other GPU IR. You could potentially even still write the plugins in C++. Modern GPUs can even build and dispatch their own command buffers, so you have the flexibility to do practically whatever work you want all on the GPU. The only thing that would absolutely require CPU coordination is communicating with other devices.

GPU development is harder and the debugging tools are atrocious, so it's not without downsides. But the performance would be unbeatable.