I agree but the problem here is you are comparing it to the 6500xt. That's not your normal pre covid / mining 200$ card. The reason igpus can replace low end gpus isn't because igpus have become relatively faster, it's because low end gpus have become much much slower.
If I remember correctly a 1060 was half the performance of the titan x pascal. Nowadays a 4060 is like what, 1 / 3rd of the 4090?
You could make that argument, I suppose. Contemporary reviews put the 1060 at roughly half the performance of a 1080Ti/Titan in most titles. But that might be partially due to the exactly 1/2 bus width, and less so the CUDA cores. It seems that in some titles it was closer to that 1/3, also could have been the system bottlenecks of the time.
Cost or GPU size, though. GPUs got bigger, but they also got more expensive. The low end GPUs are still hitting the same rough price target, the top end went wild.
GTX 1060 $300 (1280 cores)
GTX 1080 Ti $700 (3584 cores) About 3:1 cores, vs 4:7 cost.
Titan X Pascal at $1200 was silly even by 4090 pricing standards, wasn't worth it. Unless you meant the later released Titan Xp, which did have the full core count at 3840, even then the gains just weren't justifiable.
RTX 4060 $300 (3072 cores)
RTX 4070 $600 (5888 cores) About 2:1 cores and 2:1 cost.
RTX 4080 $1200 (9728 cores) About 3:1 cores vs 4:1 cost. (Excepting the 4080 Super, since it was much later)
RTX 4090 $1600 (16384 cores) About 5:1 cores vs about 5:1 cost (Annoyingly the most cost effective, but they knew what they were doing with that)
Then it comes down to performance scaling, which is tricky. Generally wouldn't run a 4090 at 1080p and you can't really run a 4060 at 4K. And when it comes to DLSS and Ray Tracing, well, that just changes everything. I think you are right that on the average rasterization the low end has dropped closer to 1/3 the FPS output at the same settings, but the cost has gone up lot more in proportion.