Then each device can be a host, a client, at the same time and at full bandwidth.
The transputer b008 series was also somewhat similar.
For cases where there are other cards, yes there would more contention, but few expansion cards are able to saturate more than a lane or two. One lane of PCIe Gen5 is a whopping 4 GB/s in each direction, so that theoretically handles a dual 10gige NIC on its own.