Bandwagoning the "flood" subconversation: it might have happened, just not the way we wanted it to.
During the pandemic card prices were so high for so long with so much focus (unlike past crypto booms, people were left with fewer alternatives to turn to so they could wait things out) that the entire market perception shifted on "what is a good deal".
When I was shopping used last year there were *a lot* of cards on ebay. Like honestly pages and pages and pages of 3xxx series NV with tons of "10+ card" listings etc and even a solid chunk of AMD cards and I was betting on everything with auctio a regularly having 20-30 bids each.
Thing is sellers who bought high didn't want to sell low, and buyers who had been locked out by astronomical prices jumped on any opportunity to get a reasonably priced card, even if "reasonable pricing" meant equal to or more of a cards launch MSRP.
3060's recently overtook 1060's on Steam's charts, and NV cards absolutely dominate the Steam charts top to bottom (I know I know let's assume Steam Charts are a good representation of the market). 3xxx series card have sold in droves, and eBay listings for these cards are definitely way down from their peak last fall.
The Flood happened, but old timers like us just had wildly different perceptions of what that was actually going to look like, thinking we'd be getting $300 3090's and stuff.