Not him but you're correct. There are some adapters that do M2 to PCIe with SATA or Molex for aux power. I have been using ADT-Link for years for some of it's adapters, that are SATA powered or motherboard cable powered and no issues so far. And I use them mostly with GPUs, but the newer ones have 2 SATA connections which would be close to the theoretical max of 75W. Single one should be like 36W.As I understand it the m.2 slot only supplies 3.3V, while a regular PCIe card expects 12V (and probably 5V, too early in the morning to check the documentation to be sure) so you'd still need aux power unless you find an M.2 slot adapter with a boost converter on it.
I.e. M.2 NVMe Extension Cable
and ADT PCIe 5.0 M.2 NVMe to x16 riser cable (SATA) or ADT PCIe 5.0 M.2 NVMe to x16 eGPU Adapter (Motherboard cable powered). At least I use a ton of these 2 (F43SG and F43SP).
I got them from aliexpress.

