Which puts it in a similar ballpark to Nvidia's RTX2000 series: price increases that are on par or exceed performance gains (at least at the lower end, especially if you include the currently missing and possibly never-to-exist non-X and 5700 models) so upgrading makes no sense from a performance-per-dollar point of view - at least not with the launch lineup at launch prices.
To some extent, though they are not entirely comparable. For one, the GTX 10-series was a longer-than-normal generation, yet the performance gains after nearly 2.5 years were much smaller than people were expecting. Zen 3, on the other hand, is coming less than 1.5 years after Zen 2, as has been normal for Ryzen, with relatively large performance gains compared to what people have come to expect for CPUs.
Another thing to consider, is that for heavily-multithreaded tasks, the total amount of available performance tends to be more relevant than the precise number of threads available. So while a 5600X is at a core deficit compared to the similarly-priced 3700X, it's per-core performance improvements are likely to negate a good chunk of that difference for such tasks actually utilizing all available threads. The 3700X might still be a better choice for one who cares primarily about performance in certain heavily-multithreaded workloads, but for those care more about light to moderately-threaded performance as is seen in the vast majority of applications and games, the relatively large IPC uplift is likely to be more relevant. With graphics cards, lightly-threaded performance doesn't come into play, whereas its the norm for CPUs.
And again, we don't know for certain if other, lower-priced parts are coming, but I would expect it. If not at launch, maybe a month or two later. And if they happen to be anything like their 3000-series counterparts, then they might come close in performance while being priced at least $50 less. AMD probably didn't want to focus on those "value" parts for their presentation to help them push the higher-margin models, but they seem almost certain considering the large price gaps in their lineup.