While this is insanely bad, we kind-of knew what to expect by the 20-series 70/80/80Ti cards.
When this launches, people will have had their GTX 1070 for 3 years. It means that 3 years later new buyers can pay the same money for the same ballpark of performance, and that's the best case scenario assuming that those cards even sell for their launch price. We've never had that much stagnation in the GPU market and we're really seeing that Nvidia is the Intel of GPUs.
After Pascal, I was quite fond of them, but they are showing that when they're sure there's no competition, they will gouge as much as they can without making any meaningful performance progress. We're also back to hoping AMD and Intel manage to outdo them next year and if they do, I know where I'll want my money not to go.