Correct, inflation is the issue. In fact it's personally surprising to me that the $300 bracket even exists anymore and hasn't been completely replaced by APUs, and that these cards offer improvements over the previous generation while staying at the same price.
Remember, your money continuously devalues over time.
There's a lot of wishful thinking about pricing, and obviously vendors are obliged to earn as much profit as they can, but the low end cards have been remarkably consistent in pricing over the years, despite the expense of modern nodes, inflation and other issues that affect price. People like to point at the cost of "muh VRAM" chips and pretend that's the only reasonable metric to examine pricing against, but also seem to enjoy ignoring literally every other economic factor.
Just about every product, let alone luxury products—and make no mistake, dedicated GPUs and PC gaming in general is a luxury hobby—has risen in price over the past few years, smartphones, cloud subscriptions, the actual games we use these cards to play, etc. But somehow GPU performance jumps for the same pricing need to remain as good as they were in the golden years? One metric has to change, the performance jumps, or the pricing. You don't get to have the best of both worlds, and these companies aren't charities, nor are consumers forced to buy their products.
They exist in the same economic reality, and operate under the same economic rules, besides some economies of scale differences. Hence, similar outcomes.