On the other hand, the voltages used inside a GPU are around 1V, and a higher input voltage introduces lower efficiency in the local conversion.
12V is only really used because historically it was available with relatively high power capacity in order to supply 12V motors in disk drives and fans. If power supplies were designed from the ground-up for power-hungry CPUs and GPUs, you could make an argument for higher voltage, but you could also make an argument for lower voltage. Or for the 12V, either because it's already a good compromise value, or because it's not worth going against the inertia of existing standards. FWIW there is a new standard for power supplies and it is 12V only with no lower or higher voltage outputs.