AMD spent more than a decade putting out solid products and undercutting Nvidia, yet most people bought Nvidia cards anyway. Why would they want to go back to being the value brand when 75-80% of PC gamers will just buy an Nvidia card no matter what? People who actually want an AMD card will still buy one if it's "just" $100 cheaper than the equivalent Nvidia card. It seems to me that it's only Nvidia loyalists kicking and screaming about AMD's pricing, because in their minds the only role AMD has is making GeForce cards cheaper. And it's the exact same thing with Arc, where Nvidia owners are hyping it up more than anybody else and celebrating it bringing "competition" (i.e. it might force Nvidia to lower prices so they can buy the RTX card of their dreams).
AMD have not been the value brand for a very long time. At least in the GPU space as far as I am concerned. They used to be and back then they had a much bigger market share. I would almost always buy AMD GPU's as they offered better price for performance.
Nvidia are clearly milking everyone and instead of AMD offering good value they just copy Nvidia pricing and discount it by $100. That simply is not good enough if they want bigger market share. I do not particularly like Nvidia as a brand, I go by hardware and to me I would rather pay the extra $100 for the better RT and resale value.
Don't get why anyone would defend AMD. Their pricing was terrible this gen.