But you don’t really need a 4070 for gaming. Just like you don’t need a F150 to drive to work (most people don’t at least). Plenty of lower end hardware does the job well. Over the course of the systems lifetime a PC can be very competitive in terms of prices for games. And it can be used for more than just gaming.
Yeah, it’s the wrong generation and has a little too much power, the closest would probably be a 3060 which was available shortly after the launch of the PS5. But it was still more than half the price of a PS5 and you need more than a GPU for a computer.