The pricing certainly seems to have a role. Not really that a new occurence for flagship GPUs though. In particular the GTX Titan came with a launch price of $999 in the year 2013, and the GTX Titan Z came with a launch price of $2,999 in 2014.
On the other hand, there is the argument of: "In 2015, the GTX 980 launched for $549 and the GTX 980 Ti launched for $649 - and look at the prices of the second tier now!". And it sure makes one wonder if that price difference can be explained only by inflation and by use of more refined hardware.
I don't find it to be a complete disaster at mid-tier though. Recently I picked up a GPU and a screen for 1440p gaming at less than what a PS5 would have cost me. Which isn't to say that it is cheap as such. But counted for 20 months, the monthly cost for a hobby is not that high, despite relatively low income (I don't have a car or smartphone though, and I don't do loot-boxes, so no expense there). The increased cost of living was a reason to not go for a higher tier nevertheless. But this issue is more of a political topic than just about 3 companies.
And another factor sure seems to be the here also mentioned issue of not as much a need to upgrade GPU for new game releases, in particular when many are happy to stick to 1080p gaming. There arguably is still some potential there though, in terms of when someone would release a GPU at the power of a RTX 3080 with only up to 200W needed and a bit cheaper, that may be quite encouraging to go for an upgrade.