They wouldn't have made money really at that point. Particularly not enough to cover the R and D expense. Remember Nvidia spends billions on R and D and developing new architectures and they have to make the profits to cover that. Also the cost to manufacture these cards have gone up because of the large die size and the added expense of GDDR6.
8gb of GDDR6 is around 90 dollars because of how new it is. Add the big 440mm2 die and you have pathetic margin when your the leader in your market and you have no competition. Remember retailers and partners have to take a cut of of that pie(15% and 10%). Add the PCB and power ($30), cooler($20), Packaging and assembly(10), shipping logistics and you have nvidia selling these to partners for 70 dollars which is not that far off cost.
It would also put AMD graphic division out of business. AMD can't even sustain a $280 dollar RX vega 56 without losing money. They would need a 250 dollar RX Vega 64 at that price with every single card below that incurring a huge loss vs a $280 RTX 2070, 220 RTX 2060 and a 160 dollar GTX 1660 ti.
That's anticompetitive because your forcing your competitor to get in a war of attrition they can't afford and you can. That is Nvidia sells the cards at cost while forcing AMD to take a 120-150 dollar loss on cards like Vega 64 and smaller losses of 30-50 dollars on cards like RX 570,580 and 590 making it unprofitable to continue competing in the consumer market forcing them to exit.
There is a difference between fair prices and predatory prices. When prices are low to the extent where you make no money and your competition losses money, your crossing that line.