New cards cannot perform the same as prior generations. This isn't just GPUS. Every CPU generation gets faster. Same with SSDs.
GPUs are different, because their opportunities for better IPC are more limited. The main way you make a faster GPU is by adding more shaders, more cache, more clockspeed, etc. If they're not scaling out (i.e. 70 CU vs. 72 in the previous gen), in order to keep prices in check, then there goes your performance gains.
Again, whether it's any good or not depends entirely on the price. If the price follows the old launch price, but adjusts for inflation, then I'd agree that we should expect a rather normal generational uplift. If it's priced below that, then you shouldn't regard it as a direct successor and just have to judge it on its own merits.
I've been saying this a lot, recently: we are not well-served by looking too hard at the names of these products. The
only things you should be looking at are perf/$, perf/W, and memory capacity. Everything else is a distraction.