Think of a Dudalina or Balenciaga shirt and one you buy from Target or Walmart. Both will do the job. Both are made of cotton. But one is expensive, and the other is not. Why would anyone buy the former? I mean, yeah. It's not an affordable card but it doesn't have to be. It's the kind of thing you buy because you can, and yes, I'll even concede buying a higher end, less fancy model is a good idea - but perhaps, it's not really required, and this card exists to fill in that niche.
Shirts are largely cosmetic. Sure there are minor differences in the grade of cotton which have an impact on comfort but 99% the cost of a fancy shirt is about cosmetics and not performance.
Graphics cards are priced by performance, not cosmetic appeal. If that weren't true, you'd have more diamond-studded GT1030s selling at $2000.
A better clothing analogy would be a performance-focused one - why buy a $300 fashion-focused rain jacket from Nike that's just polyester and cheap spray-coating with a 3000mm water resistance, when you could buy an off-brand proper rain jacket with a dedicated Gore-tex membrane, 15000mm resistance rating, and fully taped seams. In the middle of a downpour, that Nike logo isn't doing anything with your money to keep you dry.
Now pretend it's not a downpour, but an attempt to reach 60fps at 4K in whatever AAA game you are trying to run. If you'd bought a 4080 Super instead of a blinged-out 4070 TiS you'd have that extra 20% performance to actually hit that target.