5nm-class has been around for three years (give or take), sure, but it's still pretty expensive by all accounts. AMD did the MCDs on 7nm-class (N6) for RDNA 3. If what it said at the time was true — that cache and external interfaces didn't scale much with process node shrinks — it would remain true now. It could have used MCDs with a GCD on RDNA 4,
Manufacturing nodes tend to get cheaper as they mature. So, there's not as much pressure to use die space as efficiently.
Also, maybe the decision to go ahead with the MCDs was made at a time when the fabs were way backlogged and cutting edge capacity was more limited. If you thought maybe you could only get a subset of the N5 wafers you really wanted, then the chiplet strategy would make a lot of sense.
Finally, don't forget about MI300. Maybe AMD wanted to get some experience with chiplet-based GPUs before taking on that mammoth project and gaming GPUs were seen as a good avenue to try it out.
Don't forget they used a new chiplet interconnect technology that was supposedly like 10x as efficient as what Ryzen and EPYC used.
Unless the use of chiplets didn't actually work out well overall. It adds complexity to packaging for sure, and when everything is wrapped up,
Cost, complexity, and power are the likely factors that jump out at me.
I do think
@lmcnabney has a point that if AMD weren't using a relatively mature node, but had instead moved to a N3-family node, there might've been more incentive to retain the GCD/MCD architecture.
perhaps it was adding more latency and hurting performance
Fortunately, Chips & Cheese actually tested that, comparing the monolithic RX 7600 vs. the RX 7900 XTX. Latency increased, but only a modest 9%, which is so small it's hard to know how much of that is due to the MCDs and how much is just because it's a bigger chip with more cache.
RDNA 3 was to RDNA 2 what Blackwell seems to be to Ada Lovelace. Some minor performance improvements, and a few architectural tweak, but nothing massive.
WMMA was new to RDNA 3, right? I also found some compute benchmarks on OpenBenchmarking.org, where the RX 7800 XT did a fair bit better than the RX 6800 XT. But yeah, somewhat surprisingly similar, overall. Mostly just a bit cheaper and lower-power.