The RDNA 2 vs Ampere generation featured the 6900 XT vs the 3090 in a really competitive showdown.
The RDNA 3 vs Ada generation sees AMD compete really strongly everywhere except the very very top. The 7900 XTX is cheaper and faster at raster than the 4080 and 4080 Ti in most cases (with worse efficiency and RT), for instance. You can make a competitive argument for either company at each pricing segment except Nvidia below $200 and AMD at the very very top.
That's a farrrr cry from "the 8700 XT competes with the 5070, but past that there's no AMD card"
It's reminiscent of the RDNA 1 vs Turing, where the 6700 XT and 2070 were competitive but AMD had no answer for the 2080, let alone the 2080 Ti, except this time it'll be more obvious since they'll be a 5090 as well.