It doesn't really work like that though. In the case of the current consoles, the 6900 equivalent we get in a few years time (likely something similar to a 7700XT) will have better RT performance and fit in a much more compact package than a 6900 at launch. Plus, $1200 would likely be a stretch with the power requirements and cooling that would be needed.
I just added the price, but the reality is they don't need it to be as profit margin friendly as the 6900 since they make money of the game sales. There has to be extreme profit baked into the 6900. Similar to how the RTX 2070 by itself is 500 dollars and is equivalent to the PS5 standard.