It may have sense for anything below RDNA3: if rumors are true, Navi33 should be in 6nm and have performance largely similar to Navi21, but there were no leaks so far about lower end chips (performance level on par with 6700XT and 6600XT). So a shrink of these on 6nm + shrink could be a solution for these product ranges.
I can't work out how AMD are going to build their product stack.
If we look at the bottom of the stack options (starting at x6 series) and assuming that AMD can shove 16GB of VRAM onto a 128 bit bus for a reasonable price we get the following product stack.
7600XT - 12GB - N22 6nm. Just under 300mm^2 but with good performance at upto 1440p and acceptable 4k performance it would make for a good card. Give it slightly higher clocks than the 6700XT and you can get a few % extra performance and charge around $450 for it. Large price hike for the x6 tier but probably just about on the right side of the perf/$ uplift even if it is a bit disappointing.
7700XT - 16GB - N33. Probably around 400mm^2. Smaller bus than N21 and on 6nm rather than 7 will save space. Great 1080p/1440p and good 4k card just like the 6900XT is. Probably around $600. Another MSRP price hike for this tier but vs the 6900XT it is a perf/$ uplift MSRP to MSRP which is also true of the 6700XT vs 7700XT MSRP to MSRP. 6800XT to this though would be less flattering but still just about a perf/$ uplift vs MSRPs and a good uplift vs street pricing.
7800XT - 24GB - N32. Two dies + Infinity Cache dies probably is not cheap to make but should be a good bit faster than the 6900XT. Can see this starting at $1,200. 20% more MSRP but maybe a 50% or greater performance uplift vs the 6900XT.
7900XT - 32GB - N31. Again multiple dies makes this more expensive. If the 2.5x perf vs the 6900XT is true I could see a $2,000 MSRP.
This is about the only reasonable product stack I can build based on what we know but there is a huge jump between the 7700XT and 7800XT. Possible AMD will fit 3 cards into the 7800 range (7800 XTX, XT and vanilla perhaps) to make that jump seem smaller.
If AMD cannot put 16GB of ram on the 128 bit bus cost effectively then it makes it a lot trickier.
7600XT - 8GB - N33. Seems too large a die for this segment. Would mean price has to be around $500 or something and for 6900XT performance it seems good but the 8GB will be limiting at 4k and it might suffer at 1440p as well like the 3070 does. Can't see people wanting to pay $500 for a 1080p card with 1440p caveats and 4k limitations but I also can't see how AMD will charge less for a 400mm^2 die. It is also a $120 MSRP price hike for the x6 part and even though the performance uplift would still give it a good perf/$ ratio it is not a great look. OTOH have you seen the street price of a 3070 lately?
7700XT - 12GB N32. Again with multiple dies I don't think AMD will want to sell this part for much less than $1,000. It would offer better than 6900XT performance though so the performance/$ uplift is likely there and the extra ram and IC will mean 4k is probably fine.
7800XT - 16GB N31 - cut down slightly. $1500 + easily IMO which for 2x 3090 performance is a relative perf/$ steal.
7900XT - 32GB N31. $2,000 +. Barely faster than the 7800XT but 2x the ram as a true halo part / 8k part. Again though if it is 2.5x the 6900XT it has a perf/$ increase to justify the high price.
I look at this and expect AMD will go for the former of these options and eat the VRAM cost. Also N33 is likely coming after N31 and N32 so by then maybe the higher density ram will be less expensive. I don't expect AMD to shrink N21 unless they can shove it in laptops or it is really cheap to do so because I can't see a place for them to use it long term. N22 and N23 on the other hand will get used in laptops and can fill in the gaps until the full RDNA3 stack is released.