Sure, why not?
Give them a pile of points and let the players go to town crafting fun, high-magic powers, special fighting abilities, and racial innates. This is an easier game for those used to the GURPS system, especially those who have played superheroes in the system before, but this is completely possible. Or, do your first game like this, make the powers all minor ones that aren't on a cosmic power scale, and have fun with it.
I saw a video on a GURPS Fantasy game that skipped GURPS Magic (and Dungeon Fantasy) and just gave clerics a "healing power" that cost fatigue points, almost like a superpower. It just works, and that power can be improved and enhanced with character points later. You don't need a full 5E "power tree" and class system to do high fantasy powers; you can just buy them "as powers" and assign whatever magical power source you want to them.
In fact, you can do better in GURPS: design your "fantasy vampire hero" with all sorts of classic fantasy powers, like mist form, turning into a bat, hypnotism, strength, limited invulnerability, and just play your character like that. No "character class," no "race that levels up" - just a powered fantasy hero that can do all sorts of cool stuff, and you begin from there.
In GURPS, you are less of a character in a video game, and more of a character in a movie. You have starting versions of "all your cool powers," and you go from there. If your "high elf magic archer" has power shot, storm of arrows, long jump, stealth, dual wield, whirlwind, and arcane shot as powers, that is what they have. Design those (it is easy), get permission, and give them to your character. She does not "get those from a class"; she just "has them because that is her unique archery style," and she is unique and cool.
Every character in the world can have a unique power set and type of abilities, or you can create standardized templates and give them to everyone who trains like that, thus creating something like a "class." This is your choice. Or, you can start her with "the archer class" and add a bunch of unique powers to her, and have something like a "hero character" out of the Warcraft universe. Maybe she is a banshee archer with "spirit shot", "soul blade", and "bone storm" as special powers, in addition to the standard archery template.
While 5E doesn't require you to think and gives you powers from a list, your choices are very limited, and you end up the same as everyone else who made the same choices.
GURPS is far, far better than 5E when it comes to customization and crafting special powers. Anything you can imagine, you can do. Some don't have the imagination to play like this, and that is fine, but there is a part of me that wants to play a unique hero with a custom power set. Imagine if a 5E crowdfunded book promised you could "design your own class" and "design your class's powers and abilities?" You would be all over that book and excited!
Well, GURPS does all that today. And it isn't that hard to learn. All you need are the core books, and I would recommend GURPS Fantasy and GURPS Powers to make it all easy and give you a list of sample powers to start with. You will have far more than 5E gives you in terms of characters, and you may want to pick up a GURPS Fantasy bestiary as well to have a few monsters.
From there, your high fantasy game could begin tonight, and you could be adventuring in an entirely new world. And honestly, you will have far more customization than 5E gives you, and far better characters that support GURPS' inbuilt roleplaying mechanics without external narrative dongles like inspiration, hope/fear, or story points.
The only hurdles are getting used to the game's core rules and understanding the power system in GURPS. Once you get a basic understanding here, there is nothing holding you back.
GURPS is a far better high fantasy game than many realize.











