Maybe I'm misunderstanding - but I thought there's already "dumb" headsets doing foveated eye tracking, like the Pimax headsets. If that's the case, then you don't need $300 of ram and a $200 CPU to perform this locally.
The Pimax headsets with foveated eye tracking start at $1599.
The cheapest comparable device with the same (or better) level of eye tracking is $1500 (i.e., 50% more than the Steam Frame)...and that was the price before the tariff war and Iran conflict jacked up prices.
While the ram may currently be $300, the CPU is not $200 unless you're including the custom processing units Valve is using to handle the eye tracking, which are (a) industry leading, and (b) made to spec in relatively small quantities and therefore more expensive (and given the limited chip capacity also affecting chip manufacturing, also significantly more expensive than they would normally be).
If foveated rendering was cheap, it would already be standard in every VR device.
A. become ~$300 cheaper, close to the PlayStation VR2 which also has eye tracking
B. magically go up in price to $1500 like a Pimax headset?
If answering is difficult try asking an LLM for help. You're their target audience.