No, it's about AMD not having anything to counter the GTX 1080 with. They just aren't ready yet. Do you honestly think they would put all of this effort into developing a chip, just to release a low-end part?

Now, I know they said they wanted to target the lowest VR segment, but that may have been after seeing the first silicon and noticing that it didn't perform as well as they would have hoped (and I really doubt the low-end segment is interested in VR at all). The 290/290x/390/390x/Nano and GTX 970 are already good enough for that, and the prices of these cards would have fallen had AMD announced something competitive. Pretty sure many of us would preferred to have GTX 1070 performance at <£300 rather than 290x performance at £200. Hell they could have just lowered the price of the nano, and voila. There's really no need for the RX 480 if you really think about it.