Uncompressed, absolutely we need another generation bump with over 128Gbps for 8K@120Hz with HDR. But with DSC HDMI 2.1 and the more recent DisplayPort 2.0 standards is possible, but support isn't quite there yet.
Nvidia quotes 8K@165Hz over DP for their latest generation. AMD has demoed 8K@120hz over HDMI but not on a consumer display yet.