I'm sure pathos indicates that you can already buy 32-band EQs in solid-state form, and yeah, if there's a slight issue with monitors, one way surely to do this is with surgical EQ, but for me, I do prefer to either work the room out a little, or train my ears to accept such an anomaly. That's another debate, though.
Most 32-band EQs would be used for eliminating feedback in live situations, but I'm sure you can find them elsewhere. I use a 31-band EQ on my bass rig for unpredictable rooms. But I likely would never use that many on one channel in a Mix-down, not even for Mastering.
What you CAN use that many bands for is manual comb-filtering. I use the opposite trick of comb-boosting (if that's even a term) to enhance the punch on a kick, if I need something very specific.