The problem is the lack of compression standards. Streaming uncompressed 4K content is insane, but if there was a system capable of delivering frames at 70% of their original (uncompressed) size, TB1 would be capable of handling 4K@60Hz. Compression should be made in real time, but it shouldn't be a problem for recent iMacs with discrete graphics or with an Iris Pro. OpenCL would perform the task blazing fast.
On the display side, the compression algorithm should be known, though. Hopefully the next gen Apple Display will allow 4K@60Hz on TB1-capable devices. Then it will be a matter of time do see the method supported by major brands.