The analogy does not work. You have to eat so you have no choice but to buy food. What consumers do not have to do is buy new gpus enmass and as AMD and Nv will find out later this year is that sales are likely to plummet.
According to the steam survey In Dec 2022 2.72% were playing with a 3070, 2.58% 3060ti, 1.91% 3080,1.24% 3070ti, 0.76% 3080ti, 0.5% with 3090.
The true high end of gpus accounts for under 20% of the pc market. What this means is there are 80% of PC gamers who really want an upgrade but Nv and AMD with their pricing is putting up a paywall and telling then to go F themselves. Lower prices and sell more gpus does not seem to be in their thinking.