It is adjusting but slowly. It has doubled over the last 6 months (most of that in the last 3 months).
The price of ethereum has moved much more over the same period.
Even if difficulty doubles again over next 6 months (very likely to do at least that), these cards will be massively profitable.
What AMD and Nvidia should do is launch 4GB cards which are useless for mining ethereum and flood the market with them.
But is 4GB enough for most big games now? It would help people get a gpu as a stop gap, might even reduce the scalped prices of other cards if people have a cheaper alternative. But I don't think they will use what limited manufacturing resources they currently have on smaller cards when they have crazy demand for the more expensive cards. I am no expert in how they make the cards so I could be completely wrong.