The obvious answer to this question is that the crypto bubble burst and AMD and nvidia are charging high prices for incremental gains.

I think the other piece to this puzzle though is that you dont need a high end gpu or even middle high to play a game at settings that look ok today. I upgraded from a 5600xt to a 6800xt recently but it was hard to pull the trigger and justify the expense because I was still playing new releases at decent enough looking settings at 60fps. Old hardware is lasting for longer, and you can still do quite a bit on midrange and lower end hardware.

In addition to that even integrated gpus are at a point where you can play games at a decent clip. Its not the high end max all settings experience, but my wife is perfectly happy playing games on her laptop with a 5800u and vega 10 gpu.