I think this is especially clear in nvidia GPUs. It would have been unlikely for nvidia to try doubling GPU prices for fear of the backlash and the risk of losing out if that wasn't countered by enough people willing to buy at the higher price.

But then the bitcoin gpu shortage happened and people were paying double for mid tier GTX 10xx cards. The shortage went away and prices went back to normal, but then the 20xx cards launched with a huge price bump, likely helped by the shortage scalpers proving how much people would pay.