Or it could be implemented as multiple DC/DC converters running from separate sections of the main battery pack.
You can't really split the pack as that would result in imbalance. I believe this is what killed a lot of original Tesla Roadster batteries.
Multiple DC/DCs running off the full pack voltage aren't a major problem though, just gets tricky to design a provably bulletproof way to ensure safe isolation in all plausible accident/damage scenarios.
Once you look at the cost of the DC/DCs, connectors & control systems, especially when you consider high peak loads like power steering, you'll struggle to get anything cheaper than an external 12V lead-acid battery.
AFAIK Tesla is the only mainstream maker to replace the lead-acid with lithium at around 16V, but they have the advantage of design control over pretty much all the electronics in the car. for teh same reason, I have little doubt they will be the first to go to 48V.
The end of incandescent lighting has removed one of the remaining reasons to use 12V, and pretty much everything else is either motors or something with a DC-DC converter inside, so I expect 48V to become more common in the not-too-distant future.