We already had the technology to do that decades ago or more. If I had the right power and influence, I'd take the Ethernet connector and magnetics, make it smaller, add default POE support then release the smallest possible IP stack so that it can be implemented on small microcontrollers too. Very small devices would talk IP only, bigger ones can add upper protocols such as TCP, UDP etc. All that while gradually phasing out USB. This way we would have open protocols on open media with some peculiar advantages over USB, openness aside: near realtime, stackable (add a layer and you go to the Internet), intrinsic security (USB devices are getting more complex every day, yet there's no such thing as a firewall against malicious ones; Internet protocols support filtering by default), galvanic signal isolation (excellent for instrumentation or audio stuff) and the cable can safely extend a lot more than USB ones. Where low power consumption is vital, magnetic transformers could be swapped with optocouplers.
Except for cost or being "too open to be profitable" (royalties) I don't see a single reason why a beefed up Ethernet shouldn't replace USB entirely.