PC games - when done right - are highly scalable, so I'm not concerned. 'Control' is a good example. It runs fine on older hardware, but has extra eyecandy - such as raytracing - for the pcs that have the requisite hardware. I imagine this will become more common in the future. The lower end current gen GPUs will be perfectly serviceable for some time, as will some legacy cards. I'm still rocking a GTX 970 and I can run modern games - such as Control and Doom Eternal - with no problem. I just can't do it at 4K or with Raytracing.
PC gaming can become very expensive if someone wants to go all in and buy / build a top-end rig i.e. one with multi-terabyte SSD(s), high end GPU(s), high end CPU, lots of very fast RAM, gaming mouse, gaming headset, mechanical keyboard, RGB lighting, VR Headset and say 3 linked 4K HDR 120HZ G-Sync monitors etc etc., but this isn't necessary for gaming. A entry-level gaming PC will work fine for 1080p so long as you don't use RT and keep AA fairly low (i.e FXAA). Another thing to consider is that modern games on their lowest graphics settings can look better than older games on their max settings, so, again, entry level is fine.
One factor unrelated to gaming that is keeping GPU prices high is bitcoin/crypto mining, which is irritating. If that stops being profitable then the demand for GPUs may return to 'normal' levels, which may result in GPU prices dropping too.