NVIDIA is using Samsung's 8nm process, which has about 60 million transistors per square millimetre (MTr/mm^2).
That's not cutting edge! The crown is currently held by TSCM's 5nm process, at 173 MTr/mm^2.
Some time next year, TSMC is starting "risk production" of their 3 nm process, which is expected to hit about 300 MTr/mm^2. That's a solid FIVE TIMES higher density than the process used for the RTX 30xx series.
Unlike general-purpose CPUs, where transistor density does not linearly translate to real-world performance, GPUs are designed for embarrassingly parallel problems and have nearly linear scaling. More transistors equals more "CUDA cores" equals more performance.
The only thing holding back GPU performance is memory bandwidth. Current-gen consumer cards are just shy of 1 TB/s of memory bandwidth, but to get 5x performance, they would need 5 TB/s memory throughput to match. That's... difficult. Even with HBM2E, you'd need to stack a bunch of them to get near that.
But yeah. 8K gaming is crazy. Real time raytracing was an utter fantasy just a few years ago, and I just played through Control at 60fps and it was a visual feast.
I grew up in an era where wire frame 3D graphics took seconds to redraw the screen. I used keyboard macros to control a CAD program because it had no hope of keeping up with mouse movements.
My unborn son is going to grow up to play in a world of 8K raytracing as standard, with visuals better than Pixar movies of just a few years ago. That blows my mind.