Put differently, the GPU is plenty powerful to do the processing you're thinking of, but it can't get the results back to the CPU in the required time.
For video, there is no roundtrip: we send a "program" (and maybe some data) from the CPU to the GPU; the GPU delivers it into the video framebuffer.
For audio, the GPU has no access to the audio buffer used by the audio interface, so the data has to come back from the GPU before it can be delivered to the audio interface.
I would be happy to hear that this has changed.
None of this prevents incredibly powerful offline processing of audio on a GPU, or using the GPU in scenarios where low latency doesn't matter. Your friends with guitars and pedal boards are not one of those scenarios, however.