You make the argument it takes more time now to save up buying a 1070, and while that's true, that same logic also applies to the miners. Miners also have to save up more money (just like gamers) to buy new cards.
This is an example of the entitlement I'm talking about.
Mining isn't a bubble (the price of different cryptocurrencies is bubbly sure), and that's what gamers (and AMD/Nvidia to a large degree) are failing to understand. The demand for cards from miners moves in fairly obvious patterns. When crypto prices crash for a sustained period of time, or once the mining difficulty catches up with price (quickly happening right now) the demand for mining cards decrease dramatically, which in turn, lowers the retail gauging of prices due to increased supply. When ASIC resistant cryptocurrency prices shoot up, you can expect a shortage of GPU's like we have now.
This is basically how a free market works.
These waves of supply and demand have been happening since the early Bitcoin GPU mining days, or around 6 - 7 years now. Back then there was some excuse from manufacturers not to overproduce GPU hardware in case of price crashes (and algorithms susceptible to dedicated ASIC machines) as the idea of Blockchain sticking around wasn't so certain. However, it's now clearly obvious Blockchain technology is here to stay.
The irony in all of this is that gamers will be/are benefitting from Blockchain technology. Tradeable assets on an immutable ledger for starters. For example, no one can steal your virtual property such as Stone of Jordans (yes I'm old), including Blizzard rolling back a database due to the immutability of the blockchains. There are much bigger projects like
Decentraland (think Second Life but you own the assets, not some crappy microtransaction happy company like EA that can change the rules whenever they seek more profit) or
FunFair who is developing a platform with for provably fair online casinos. I'm pretty certain you'll see this space grow fast, the merging gaming and blockchain.
Anyway, I've ranted long enough.
FWIW I've seen 1070's/1070ti's in stock (they go fast so you have to set up SMS alerts from places like NowInStock) for roughly 15 to 20% above MSRP which isn't that bad all things considered. Or you can just wait it out until supply meets demand (could take a few months).