There is nothing stopping AMD from allowing the sale of an affordable 48GB 7900 (or 32GB 7800) right now... In fact they already do in the form of the W7900, for $4500. They just don't sell those at competitive consumer prices, as they are playing the anticompetitive artificial segmentation game right alongside Nvidia, because they somehow think their tiny workstation market is more valuable than seeding AI development on their cards.
Technically speaking, AMD could sell "cheap" 96GB+ GPUs by simply swapping the 7000 series memory controller die. This would take some time and money, but not an eternity + fortune like Nvidia would need to tape out a whole new GPU die.
Intel has no workstation market to lose. I suspect the Arc A770 was kinda late and skimpy for a 32GB "AI" SKU, but the next generation could be very interesting.