I just continiously disagree with your promise that somehow "usable" GPUs have gotten more expensive. GTX1050 will play literally any title currently on the market in 1080p at locked 30fps. You mention that older cards could play games in locked 60fps - but the issue here isn't that you get less bang for your buck, but that the goalpoasts have moved. 99% of console games run in 30fps, and vast majority of gaming is on consoles not on PC. Therefore, I think it's fair to say that 30fps gaming
is the norm, compared to the 60fps gameplay of 8/16 bit gaming systems of the yesteryear.
And then on top of all of this, majority of CPUs on the market come with a "competent" GPU, so the effective cost of a GPU for most PC users is....zero. Sure they won't play Anthem, but a new intel or AMD cpu-embedded unit will easily play 3-4 year old games very smoothly. For a lot of people that is more than enough. I'm personally sinking hundreds of hours into mmos like WoW or ESO and they play fine using embedded GPUs. The cost of a GPU here is zero.
So I'd argue that the average cost of GPU per PC user has gone down, not up. It's just that the top end has exploded - you can have multiple 4K displays, RTX, 32x antialias, nonsense like hairworks etc etc. But your regular PC player on average will have a 1080p monitor and is content with playing in medium/high settings. They can absolutely do that without spending lots of money.
As a personal example - I have a living room PC with an i5 2400 + 8GB ddr3 1066mhz + GTX1050Ti. That CPU is literally 8(!!!) years old. And yet this machine can play Forza Horizon 4, brand new title, in locked 1080p and 60fps in high settings. Granted, that's the 1050Ti not the 1050, but the 1050 is not that far behind. Drop the settings to medium and you're playing in locked 60fps. Or keep them high and you will play in locked 30fps.