Nope, the basic connector is flawed.
Look at any part of the electrical code, and it will spec out rules to build a system that has enough overhead for safety to reliably operate without catastrophic failures in the real world. A design that is barely able to handle the power of a launch GPU that isn't overclocked yet, but can be is already broken. One that allows for fiddly connections quite easily, when the result is an electrical fire isn't suitable for purpose. 12 pins are not better than one, and as others have pointed out, if they were going to make a whole new connector, they could have had a pair of fat wires and four thin ones for the temp/power signals. With that if the contacts aren't fully seated your card won't start unless you plug it in all the way, instead the build a new connector that would try to pull too much power on the remaining pins if some weren't fully seated.
They chose a bad design, ignored early reports of problems, then tried to cover up the problem by blaming the victims of their faulty manufacturing. As a result they are being sued, will either settle or lose, and will probably have to recall all of the cards, cables and power supplies in this series. It's the galaxy note 7 of video cards. They can limit the brand damage if they handle this pro-actively, but it looks like they are going to try to sell them through the holiday season. Once enough of these are in the field, there will end up being a fire or accident in some kids room and the fire department will point to a slagged NVIDIA card on camera. That is the trajectory they seem to be choosing.
It's sad because in the long term the cost of replacement will end up a rounding error, but they will end up paying it regardless. If they handle this in a stand up way gamers will forget it by the new year. If they drag it out, it will be brand toxic, they will lose in court and it will cost more for something they will have to do regardless. Short term denial that this will all go away will be an expensive long term mistake. Part of NVIDIA's ongoing success is the boost they get from the network effect of developers optimizing for their platform, and that could slip along with their brands halo if the gaming community turns on them. AMD has a good recent track record for capitalizing on their competitors slip ups, and they aren't that far behind. Why give them the chance to leapfrog the market? Pick a better power link, and re-manufacture the old cards and dump them on the budget segment to recoup some of the loss.