I think the absolute maximum it could go is 750ish, just because of how difficult it is to actually cool it then, particularly due to the insane density of chips. Unlikely to see it go past 600w though, imo.
As for should. Should go all the way to the max, if the market bears it, why not? Environmental concerns are so irrelevant, it's laughable, there's no mystery as to how to get enough energy for our needs in a sustainable way, it's just a matter of will. Besides, such cards are generally luxury products and don't sell in high numbers at all, so their effect on anything is not going to even register. The personal responsibility angle for the climate conscious is just pure propaganda anyway, if you study the real numbers it's very clear that it's reductions for key major industrial and military players that are the most important. Rest is just hokum.