It's also worth remembering that those PCMR kids of yesteryear are now adults, many of whom have good jobs. If your PC is your only hobby even £1,500 every year or two isn't that bad. If I only had PC gaming as my only interest, even with a very modestly paying job, I could afford to buy the high end.
Most of my PC gaming mates are old school PCMR,like myself,and we have zero interest in spending silly amounts. I don't know anyone in the realworld who has anything higher than an RTX3080,and even that was purchased as part of a prebuilt system.
We remember how things were,and how most PCMR decades ago were overclocking cheaper parts,not because we couldn't save up and buy more expensive parts,but because we could and it was fun to see something cheaper be modded to have higher end performance. That is what got us into PC building - otherwise we could have just bought a prebuilt PC and/or got a console.
We also generally mocked marketing BS,and so did most of the press who were more like Gamersnexus is today. I remember how Dr Thomas Pabst,who founded Tom's Hardware could really have a go at companies. Certainly more people back then had to also know more technical aspects too,so it was harder for marketing to do stuff. A lot of the people I see throwing money at the hobby are newer entrants who are very gullible to marketing and also the fact credit is very easy to get also does not help. It can't be just explained away by some older gamers who are now flush with money spending more,because it's affecting all tiers.
Also,another thing. As you get older you tend to expand your hobbies from simple PC gaming.As seen by a lot of my mates,they could easily spend £2000 on a dGPU,but it's simply not worth it because we all have other hobbies we would rather spend on. Looking at how much I spent on other things,the last few years,I probably could have just bought a £1500 dGPU but for what reason? I would rather go on a holiday somewhere nice for a week or two for such money,than spend it on a more expensive dGPU.
Then on top of this as family life/work commitments increase it's also whether spending £1000s on a gaming rig makes sense,when you don't have the time to spend gaming. Plus also the fact,I would still argue many older games,despite looking crap,still are qualitatively better games.
My biggest issue with all these shannigans,is that there a ton of gamers which can't afford/justify the price shrinkflation. This means the mainsteam which is the largest market,is getting lower and lower generational improvements. This only holds back the cutting edge aspects of PC gaming vs consoles,and it makes consoles more and more influential on how AAA games are being developed. This was the not the case decades ago,because mainstream improvements were so large on average,we went from games which looked like Quake(1996) to Crysis(2007) in just over a decade. In the 16 years things have definitely slowed down,and IMHO this is because devs are being held back by weak mainstream PC hardware. As a result,consoles are much closer to mainstream PCs than they have any right to,and because the consoles are custom PCs,they might as well use them as a base.