Thunderbolt 5 ports and the bandwidth they use might be a good reason for Apple to upgrade to PCI-e5.
The backhaul internal network on the SoC die is somewhat a zero sum game. The more bandwidth that TBv5 (and new CPU , new GPU , new NPU , faster LPDDRx , etc) want to consume the less 'extra' bandwidth there is going to be for the the PCI-e root that is provisioning out the external backhaul to the slot switch.
The asymmetric mode of TBv5 means the GPUs have to shovel more data to the display controllers (and out the TBv5 ) port than TBv3. That is more than just 'doubling' the traffic (i.e., more competition internal network. ).
The internal network technically isn't completely a zero sum game. They can try cranking up the internal die network to supply even more bandwidth, but that will put more stress on the UltraFusion connector between dies (if there is one). Making UltraFusion faster/better is likely going to be a higher priority that hot rodding a single PCI-e slot with PCI-e v5.
Two x8 PCI-e v5 provisioning would put less bandwidth pressure on the internal network than two x16 PCIe v5 will. Two x8 PCI-e v5 is likely better perf/watt number for the whole die also ( fewer I/O off the die , lower wattage). If Apple puts in the 'extra' work , decent chance more motivated by that , than being "competition" driven by TBv5 on Mac Studio ports.
The other , but likely slower paced, driver would be wanted to get their won SSD modules into a better competitive stance with x4 (and up) PCI-e v5 SSDs performance levels. There is lower competitive pressure though on the primary SSD. ( have to buy Apple's). At some point will move , but again the rest of the line up isn't feeling huge competitive 'heat' there ( 'fast enough' for huge bulk of target market).
[ There is usually some hand waving at a 'real AI data center chip' but fairly good chance that won't be generic MacOS or a chip that will end up in a any "Mac" or on the retail market.
multiple 400GBe ports on a server ... yeah they'd need to up the bandwidth game. Better chance Apple would slap the security enclave and some custom drivers on a 'fork' of something that Broadcomm was already doing. ]