Nvidia is pricing high,because repeated excuse making for the RTX3000 V2 and RTX4000 level pricing and lack of VRAM is why they kept on doing it. It worked. ATI did their best,and almost got into distance of Nvidia a few times,but longer term they were still making less and once AMD bought them,the writing was on the wall once all the ATI projects were finished. AMD cut Radeon R and D to spend on developing Zen in the years before 2017.
AMD are a CPU company and ever since Ryzen has succeeded,they put more resources into CPUs. They only care about gaming graphics because of the longterm graphics contracts which are funded by Sony and Microsoft. No console contracts,then AMD would have moved entirely over to APUs and built commercial cards only.This is why AMD only builds a fairly small number of dGPUs,which is enough to justify the console contracts.
If they moved over entirely to CPUs,they would make more money and are massively capacity constained - Intel stills sells more CPUs than them. Thank Sony and Microsoft for AMD still actually doing what little they are doing now.
The RX9070XT is an RX7800XT replacement and the RX9070 an RX7700XT replacement,in terms of memory bandwidth,overall die size,etc. Similar die size to an RX6700XT/RX6750XT. The fact is AMD never intended to sell these cards for so much and why they renamed them. It was the same as the RX5700XT which was originally branded RX690. Nvidia got greedy on both scenarios and AMD quite happily "undercut" Nvidia whilst increasing their own prices.
The fact is despite your appreciation for Blackwell,its an RDNA3 level stagnation. This indicates Nvidia didn't push many resources into this generation of gaming cards and did the bare minimum too. They have quite clearly dropped QA/QC standards to maximise the amount they can get from the wafers they have allocated,because Nvidia has bigger fish to fry too,rather than gamers. This is why the RTX5000 series have had all these issues with missing ROPs,etc.
AMD is getting far more out of lower memory bandwidth than what Nvidia is achieving so far. If AMD truly wanted to compete with the RTX5080 they would have used GDDR7 on these cards like Nvidia does. But they chose economy GDDR6,meaning their "top card" has less memory bandwidth than an RTX5070.
The fact is AMD,is not even trying to really compete either despite all their PR spin.They acknowledged UDNA will be a multi-purpose design AFAIK - that tells us,they are throwing less resources at dedicated gaming dGPUs and want to harmonise both lines.
But Nvidia has stopped caring too - most of their sales are in prebuilt systems. So unless AMD and Intel increase production,Nvidia wins even if it looses. But sadly,gamers are down the bottom of the pile now and will get only the scraps.