As we know the TOSLINK standard is a joke, its a 40 year old standard, it does not officially support192/24, the cable is plastic and it's limited to 1~2m. There are references to higher speeds and distances but in practice no one seems to bother.
For about the same price as a TOSLINK cable you can buy an OM1 grade cable with SC terminations. Imagine a new standard built around cheap glass optical fibre.
Max speed around 200Mb/s.
4 x 768/32, 8 x 384/32, 16 x 192/32 etc. Would make it a viable standard for small studios.
A data/control channel. Could be as simple as allowing a streamer to signal remote speakers to go into standby.
Optionally, add 850/1300 SFW. Would support a model of remote units containing both ADCs and DACs communicating with a central controller and DSP. AES67 is overly complicated and I think part proprietary
Enough of my daydreaming, just taking the existing TOSLINK standard and using SC connectors, OM1 cable and cheap lasers would be a big improvement.