Not surprising.
It's the worst value xx70ti card in history, but it has many things going in its favor.
1.) Nvidia has successfully strong-armed the market into believing that they must have good RT support. AMD just doesn't, at least not yet. They are fully capable of designing boards with good RT support, but I think they were blindsided by Nvidia making the push when the RTX 2xxx series came out, and that that point their arch for the next ~6 years was probably already too far along to back off. Their approach with RDNA would already have been cemented. They could massage it around the edges to improve RT performance a little, but it was too late to do a U-turn and start adding tensor cores like Nvidia. Chip development pipelines are LONG. Nvidia did a surprisngly good job in keeping their upcoming RT push under wraps. I'm expecting that once AMD's next full arch (not just an RDNA refresh) comes out, we will see them catch up a bunch. 2024 maybe?
2.) AMD has had some issues this gen. First it was the spurious cooler results, and now reports of elevated failure rates. A lot of gamers are just scared of buying something they think might fail. AMD would be well advised to extend the warranty for this gen of GPU's to put potential buyers a little more at ease. GPU's are really expensive now. It's not like the old days when a GPU cost $250 to $350 and you replaced it after six months. People buy them planning on keeping them for many years now, and buying something with a known quality issue/failure rate is too much for many people.
3.) Intel's ARC GPU's, while a welcome addition to the competition, are not exactly measuring up. So no surprise there they wouldn't sell well.
And this right here is a recipe for the outcome we are seeing right now.
I hope AMD gets their **** together and fixes their current issues, and pushes something with good RT performance out the door in the next year or so. I also hope Intel takes the challenges with ARC as a sign they need to do better, not as a sign that they should drop out of the discrete GPU market before they even get started.
If they do, the market can improve. Otherwise, welcome to another 5 dark years of poor competition, just like 2015-2020, except with higher prices, because that's what we apparently are doing now.