On the other hand, RTX 4070 needs only 1/2 TDP to perform as 100W RTX 4050, that's also very nice.
On the other hand you could say that the xx70 brand has been dragged through the mud. This isn't o much an xx50 chip that's punching above its weight, but an anemic 4070 that might make the 4050 look good by comparison, but is a step down from previous generations where you got a 104 die with the xx70 mobile part.
Pricing will always determine ultimate value, but this is NVidia cashing in on their existing brand and reputation.