Steep digital filtering like Chord do will demand more processing power
I dont think you will see Rob Watts change his WTA filter
He already stated Mojo2 is using nearly all the FPGA
So he needs to find a bigger FPGA that doesn't consume more power
I think the issue is elsewhere. WTA and all aside.
On Mojo2, the tone controls are implemented after 16fs upscale (AFAIK), so tone controls run at much higher frequencies & at 104 bits (famous 301db ??). It is claimed this way, the coefficients are implemented better. A lesser known fact is that there is a 3bit overload built in. So even if you apply 9dB lift to both bass and lower mid-controls, it will not overload. What happens is that Mojo2 would reach its max current on a lower volume control click.
A simple software PEQ runs happily on a small processor, but 104bits at 16fs, would require much more DSP processing.
Chord could do it, because there was spare DSP power in their exiting chip. They also increased TAP length, added Desktop-mode and a simulated low-gain volume control facility.
But of course it can be argued that all the shebang is not really doing anything, and a simple PEQ would be just as transparent. But since there are no common measurements available to confirm to refute, one would not be able to prove it either way.
I suppose a proper blind test, using enough subjects, could provide subjective evidence either way.
Anyways, at UK price of £395, it is one hell of a device.