I enjoyed your post, a lot, but I've been thinking about this more recently and it seems to me it's more like mobile phones - all the "hot" models are around £1k these days, some are well over that. They're very little different to last year's model, maybe the camera got better, maybe the screen got a few more pixels, but people are still buying a new one every year or two. Many/most might be paying on a subscription basis rather than buying outright, so a lot of people clearly do have a big chunk of disposable income.
Graphics cards, and mobile phones, are a luxury, and the market will grow to fleece everyone it can, of everything they can. *Someone* is spending £2k on a new "Galaxy fold". Are they ruining the phone market?
no they’re not ruining the phone market as you can still buy cheaper phones that do the job.
as long as your phone has a decent enough spec to make using it enjoyable, you don’t need to upgrade.
as games improve in detail and resolution, the need for better GPUs continue...unless you pick a year and only ever play games before then.
we are not at the point with pc gaming yet where any upgrades are pointless. 4K/120 and VR for example aren’t easily doable.
nobody minds NVidia putting their prices up each gen but when the gains are minimal and the price rises are substantial, it does skew the market and affects the pc gaming industry.
people not buying as many phones will not really affect anything other than company bottom lines.