I see this as a common sentiment on forums but it's not true - sales, even excluding to miners, have never been higher. The truth is that the market has simply accepted higher prices (just like they have in so many other areas - $1500 phones anyone?). Eventually everyone will understand that reality; because the value proposition is still insanely high PCs will still sell by the boatloads. Also people forget that >70% of the market is pre-builts & laptops anyway and things haven't changed too badly there.
Consoles are vastly better value for money than PCs for gaming. I would (and have) accepted double the cost. I think it's worth paying double for the advantages that a PC has over a console for gaming. But not quadruple or more. Not for comparable performance. The value for money on a PC certainly isn't in gaming. £2000+ for a toy to play games on that's about as good as a £500 toy to play the same games on is very far from an insanely high value proposition. Very far indeed.
It might be good value if you use the PC mainly for mining and you guess right on which token(s) to bet on and you only game on it a bit. It might be good value if you have another graphics card you can sell at a vastly inflated price in order to offset the vastly inflated price of the new graphics card you buy. For example, I could probably sell my high end AIB 1070 Ti that's so well cooled it outperforms a stock 1080 for at least double what it's really worth and that scalping would go a long way to offsetting the inflated pricing on a modern card. But that's only possible when there are enough people desperate enough for a graphics card that they'll pay more for a second hand 4 year old card with no warranty than that card cost new (and it was far from being cheap when it was new). How long will that situation last for?
£500 for a glass of water would be an insanely high valuable proposition if you're dying of thirst and you have spare money. But not usually.
"mass market" is a bit of a subjective term as well, but in my mind the mass market for PC gaming doesn't need current-gen GPUs. So whether an RTX3080 costs £650 or £1300 or £6500 doesn't matter all that much to people who were never going to buy one in the first place.
Of course, there's an issue with this filtering down to the lower segments but it really only impacts people who MUST buy a GPU, either because their current card is broken, they've left an upgrade too long or they are a new entrant to PC gaming (which wouldn't represent someone leaving PC gaming anyway). I mean say someone is there with an RX480 8GB or whatever, that's a 5 year old card now that was fairly cheap when it was bought, normally they would have upgraded by now but perhaps have been put off by pricing. That's still an OK card for the 'mass market'. They can happily carry on playing games at 1080p with graphics and framerates no worse than XBO/PS4.
And when that 5 year old card fails or becomes too obsolete, their best upgrade path will be to a console. If they were happy playing on something no worse than an XBO/PS4, they'd be happier playing on an XBX/PS5. Which would cost them less than a bottom end budget graphics card alone. But the rest of the hardware in their PC would probably also be 5 years old or more, so they'd probably be looking at £2000+ for a new PC that will play games about as well as a £500 console. Some people would still choose the gaming PC. But not most.
And a year later the people currently with a 4 year old graphics card will have a 5 year old graphics card. Etc.
A PC can be used for things a console can't be used for. Absolutely. But almost everything that almost everyone might use a PC for other than gaming can be done with the other computer they routinely carry around with them - their phone. Most of the remaining use cases would be well enough served with the cheapest laptop available. Pretty much anything with a screen and keyboard. A £200 Chromebook.