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Is it? The throughput of NVLink is 100 GB / sec and it's bidirectional, so you can simultaneously have 100 GB/s from card A to cvard B and 100 GB /sec from B to C. If you assume that all the cards have all the textures in VRAM, how much data actually needs to be transferred from card to card?
Look at this way:
1) You have a processor (GPU/CPU whatever) doing 1Ghz
2) That's one billion cycles in a second.
3) So one cycle is one billionth of a second.
4) In that time light/electricity can only travel around 30cm (due to the speed of light).
5) So if you were 30cm apart you'd already have a problem.
In reality, there are many factors making the journey slower than the speed of light and your GPU and future GPUs are trying to do things much faster than 1Ghz. Some fast fixed function operations would already from ballpark maths need distances down to 0.2cm, simply due to the speed of light.
There's more to it than that but hopefully it sort of directs the scope of the problem. The speed of electron flow is a limitation driving the development of quantum computing and other technologies.