True, you can get an AM4 CPU for as little as £60, the Ryzen 5500, which is a proper 6/12, not an APU, is £90, its equivalent to a 12400F which is £100, but after than you start getting to CPU's that are a bit expensive, like the 5700X, 8/16 still a very capable CPU, easily enough for a 4070 but for that money i think the 7600 is better.
I think AMD's problem is their own success, their offerings are getting too crowded, how with 3 generations now do you start at £60, which is great, but fit in the rest up to £500, that must be 50 CPU's and you have to price them all in such a way that it makes sense.