Launch msrp for a HD7850, which was the same category as the 6700XT today (upper middle tier) was 250 usd.
There’s much more effort involved to produce modern GPU now. Either way, if NVidia would be truly greedy, they’d close gaming gpu business right away and would produce only AI accelerators. You can take same 4070, add $200 worth of GDDR chips to the layout and sell this for $15k minimum, shit would be on backorder.