The RX 6650XT is 237mm^2 on TSMC 7nm
The A770 is 400mm^2 on TSMC 6nm
A GPU near twice the size built on a more expensive node, i can see Intel's thinking, they don't want to lose any more, probably selling them at cost, the problem is you have to buy your capacity from TSMC in advance, how ever many 6nm Wafers Intel bought they are already paid for.
We have to wait for independant reviews but i suspect when it goes on sale it will still be riddled with inconsistent performance and probably problems, If Intel ask the same money as Nvidia and AMD for that they just aren't going to sell any, no matter which way Intel slice it they will lose money, and i think they will lose a lot more pretending they are competitive with Nvidia and AMD, they aren't, not by a mile.