I think people already are jumping ship to consoles, but these are people at the lower budgets anyway. The people that never upgrade their PC and have a 1050/460 GPU that they will keep for 7 years just have no position in PC gaming anymore and have moved to consoles.
Nvidia and AMd have seen that people are willing to pay higher prices for higher end GPUs. Turing might have pushed things too far so we might see the upward trend halt, but I don;t think there will ever be a return to the super cheap GPUs of the past., Not least the R&D and production costs have shot up.
If they have, why has there been such failure of releases between both companies... 2080 Ti wasn't anything but successful.