Yep, that can happen if the same set of circumstances takes place. Those being, NVidia seeing that AMD's flagship card is slower then their mid-range cards. That's a caveat you are either unaware of or are intentionally leaving out. At that point who can blame them. Not to mention, not only was the 680 faster than the 7970, it was also cheaper. Sure, AMD bounced back with the GHz edition and driver updates that improved performance the combination of which made it faster than the 680, but that was a few months later.
The above has nothing to do with the market dynamics he brought up. Almost every next gen mid-range card outperformed last generation's flagship. Go back to GeForce 2 if you want and check. His point was that the new way generations will be sold is next gen's mid-range will be marketed as a $550-600 flagship even if the chip's performance of that generation is mid-range, even if the code name is mid-range (GP104/204, etc.). How Polaris 300-350mm2 stacks up exactly against GP104 is more or less irrelevant to his point. He isn't discussing AMD vs. NV but the market accepting 2-3 "flagships" in the same generation.
Also, it doesn't matter at all how many people own a 980Ti/Fury X to make his point valid. For instance, the current 2017 C-Class or 2017 Audi A4 have way nicer interiors, safety and technology than the 2016 E-Class or 2016 Audi A6. Should they "temporarily" be marketed as 2017 "E-Class" and 2017 "A6" with $20K price hikes until the real next gen 2017 E-Class/2018 A6 show up?
With the GPU market since 2012, this is exactly what happened but a large majority of PC gamers do not care, do not know, or don't want to admit to this fact. With this new GPU gen era, AMD/NV only have to beat 980Ti by 15-20%, and they will sell it for $550-600. If I were NV/AMD I would just price it at $650 and say it's faster than 980Ti so it's a fair price.
Without getting into technical details of next gen 2016 cards, if they aren't 50-75% faster at 1440/4K than 980Ti and aren't using 220-250W of power, they aren't flagships no matter what marketing spin AMD/NV put. Go back to 1998 until now and you will see that with a node shrink+new architecture, performance went up 70-80%, easily. This gen we have HBM1/2 + FinFET + 14/16nm. That means if GP104 is only 20-25% faster than 980Ti, uses GDDR5/X, what is it? It's a mid-range Pascal chip in the Pascal generation.