Not like this which is about protocol, this is about physical.
The HDMI2.0 (18Gbps) fiber optic HDMI cables on market seems to be "cheap", like<$100.
Although optic fibers are very cheap now, but considering those cables contain 4 optic channels which require 4 transmitters and 4 receivers each at least with a rate of 4.5Gbps, and for comparison 10Gbps optical NIC is $100 with only one 10G transmitter and receiver.
Does those cables just connect the TMDS lines directly (or only with some general off the shelf cheap level shifter like ICs) to the optical tranceivers (or even just some off the shelf cheap ICs and a optical diode?) to get such low cost? If so, maybe a HDMI2.1 48Gbps transmitter/receiver can be DIYed (paired with off the shelf optic cables) which is not on market yet.
What is the recommended way to convert TMDS (two sub question:18Gbps and 48Gbps which may be a very different design) signal to optical signals with low cost?
Updated
Phase synchronization between channels is another problem, HDMI is a synchronized bus, the electric-optic and optic-electric converters should have fixed phase shift (and noise) that is compliant with HDMI requirement.