I wonder what people would use Thunderbolt for if it had PCIe 6.0 x4 instead of just 4.0? Some companies like Sonnet Tech have external PCIe enclosures. Wouldn't mind seeing Macs able to use higher end PCIe cards & newer M.2 cards at their full (or at least fuller) potential.
For Thunderbolt 5 120Gbps (15 GBps), PCIe gen 5 x4, gen 4 x8, or gen 3 x16 would be sufficient.
120 Gbps is the asymmetric mode of Thunderbolt where one direction can do 120 Gbps while the other direction is limited to 40 Gbps.
Can Thunderbolt 5 negotiate 120 Gbps transmit when doing writes and 120 Gbps receive when doing reads? That would be complicated. Maybe 120Gbps is only used when sufficient DisplayPort bandwidth (transmit only) is requested.
Should read the USB4 v2 spec to find out what kind of control the OS can have on the link width and if the host controller has any link width automation.