Unfair in what sense? I'm talking about Business 101 here, not wishes and hopes and dreams. As a company, you want to sell your product at the price that gives you the best return.
Let's say a product costs $100 to make. If you sell it for $500, you make $400 per unit in profit, but maybe you only sell 50,000 units. If you sell it for $300, you make $200 per unit but you might sell 500,000 units. Obviously the latter is the better choice. That's just an example that's not tied to GPUs or anything to illustrate the point.
These are not discrete steps, and it's why market analysis departments exist. AMD wants to plot price vs cost vs expected sales, then choose the spot on the curves that delivers the best overall returns. Dropping the price a bit for some additional market share and customer goodwill is a viable tactic, but we're talking maybe 5~10 percent, not 50% or whatever.
So, let's say that everything that goes into RX 9070 XT ends up costing $300. That's at least a moderately reasonable estimate. AMD, the AIBs, the distributors, and the retailers all need to make money, and the street price generally ends up being double the BOM (bill of materials) in most cases. So, $600 minimum then.
If AMD pushes that up to $650, everyone makes a bit more money, and in a supply constrained situation where you sell out, that's the best move. If it pushes the price to $700 and everything still keeps selling out, then that's also the right move. And AIBs will then push things higher, maybe $750 to $800 for "nicer" cards with RGB lighting and such, and up to $900 for "extreme" models. But the BOM isn't more than maybe $20 higher on the upscale models, so this is really just an excuse to charge more because the companies expect the cards to sell out.
My best guess, right now (before AMD announces actual pricing during tomorrow's event):
$649 for the 9070 XT, $549 for the 9070. And it expects the 9070 to beat the 5070 on performance (remember, it also has 16GB according to rumors), while the 9070 XT will probably come up slightly behind the 5070 Ti. We might get the 9070 at $499, if AMD wants to be aggressive / generous. But the early Micro Center prices don't indicate that's likely.