1) The connector isn't an issue, if you put 4xPCIe over it (has enough pins) you could run a graphics card or USB3.1
2) The controller IS an issue, and you will not see formats that Microsoft didn't plan on running though the output.
3) The port already uses a proprietary form of "Thunderbolt" to provide USB3, gig-E, and 2x4K displayPort capability (in daisy chain)
They will never add USB3.1 C or Thunderbolt3 to the Surface Pro 3/4 though, since it would require new controller chips (and certainly not 20V 5A output, since the battery is much lower voltage) if it's not already in there (and iFixit says there are no such chips)