Prices will go down but never to the old levels. They now have us buying at crazy prices so they have us with the short and curlies.
We will see prices that look better to us but never the RRP that was promised.
I basically expect them to just up the MSRP by about 50%. What used to be a £300 card will now be a £450. It's still going to look better to consumers than 2021 prices.
Unfortunately I think it will massively reduce the market for GPUs... people will opt out of PC gaming, or stretch older cards an extra couple of years to buy them less frequently. Major own goal, imo.