...because I/O is the limiting factor of database performance, not compute power?
Just a few projects into Database Performance Optimization would convince you that's not a true statement. IO/Memory/CPU are in fact largely interchangeable resources on a database. And depending on your schema you can just as easily run out of any of these resources equally.
For instance, I'm currently tuning a SQL Server database that's CPU heavy based on our load projection targets. We could tweak/increase query caching that would cause more resultsets to stay in memory. This would mean that less complex queries would be run, drastically reducing I/O and some CPU resource usage. But then drastically increasing memory usage. This is just a simple example of course to illustrate the point.
Databases run out of CPU resources all the time. And a CPU advancement would be very well received.
My guess as to why this hasn't been done is that it would require end-users to start buying/renting/leasing GPU enabled hardware for their Database infrastructure. This would be a huge change from how we do things today and this sector moves very slowly.
Also we have many fairly old but more important Database advancements which have been around for years and are still almost unusable. If you ever tried to horizontally scale most popular Open-source databases you may know what I'm talking about. Multi-master, or just scaling technology in general, is required by about every growing "IT-dependent" company at some point. But that technology ( though available ) is still "in the dark ages" as far as I'm concerned based on reliability and performance measurements.