Nvidia bet on the wrong horse.
I am an avid gamer, and I can say with property.
Nvidia was betting heavy in cryptocurrency using gfx cards, but this specific market dwindles down by its own nature. As the currencies evolve, they demand ever increasing computational power to calculate their hashes and the reward for the people willing to do the heavy lifting shrinks in proportion. As a result, dedicated Asics made for cryptocurrency become cost-effective once again, and the cycle repeats itself with the invention of new currencies.
That cycle stopped.
So now, Nvidia has LOTS and LOTS of GTX1060-era boards out there, and they are FLOODING the market with these, now low-end graphics cards. Avid gamers don't want those, they are PAST it. So, late gamers, as in, gamers in a tight budget, are spoiled for choice, as the prices plummet on the low-end. Nvidia can't get rid of them fast enough.
On the high-end, RTX boards were A MAJOR FLOP, because the effects are negligible, and the boards are substantially more expensive just to show a nice extra reflection on a puddle of muddy water in a bombarded French city lost somewhere. The extra grunt on these cards does NOT work to improve framerates, or enables 4k or even 8k gaming, as gamers wanted in the first place. Gamers were after smoother gaming, not some new visual effect.
To cut it short, Nvidia FAILED to read the market, and bet on bells and whistles, instead of betting in raw processing power, higher resolutions, higher framerates.
To get out of this, they need to cut their profits on the high-end market too. Since they have to pay for the development of RTX cards, they CAN'T cut prices. The average gamer won't buy overpriced, premium launch money for cards that can't improve their current setup by a significant margin.
The whole market freezes as a result. AMD can't keep up, specially since the prices were forced down in every corner, without convincing research and cost-effective boards.
You don't need a dude rendered in an orange pallette to piss on their parade, the market froze by Nvidia's own cockup.