Because they are working on their Navi lineup, which is going to be releasing in about 3 months. August is basically the max date for arrival for these cards.Yeah, if the uncut chip + GDDR6 came out, and was a tad faster than the RX 570, then I could see that card justifying a $150 price, possibly. But certainly not the GTX 1650, as it stands now. $120 max, is what that card is worth.
Edit: Though, I do wonder how much AMD is making these days on $130 RX 570 4GB/$140 8GB cards. And isn't the RX 590, based on a 12nm shrink? Why no down-rev cards based on 12nm yet? Maybe we'll see an RX 570 Mark 2, or an RX 575, or something, basically, an RX 570 based on the 12nm shrink GPU die, with faster clocks than the current RX 570.
Maybe AMD is saving that, for when the GTX 1650ti comes out?
Edit: The clocks on my RX 570 8GB cards are around 1280Mhz core clock, 1750Mhz (x4) GDDR5 memory clock. If AMD could release an RX 575 at around the same price point (maybe $160-170 to start), with clocks in the 1500Mhz range for core clocks, then I think they could see a resurgence.
Maybe the reason that they haven't released that in terms of a stop-gap against the GTX 16xx cards, is because Navi is right around the corner, and targeted at the same target market? (And thus, releasing an updated RX 575 mid-range card would just cause confusion?)
Edit: Butbutbut... the WSA! If the 14nm/12nm Polaris dies are made at GF, then possibly the Polaris RX GPU family could live on longer, at least in certain regions of the world, living on a 12nm shrink, due to costs in fulfilling the WSA agreement? Since Navi is going to be based on 7nm dies made at TSMC, I guess, and probably pricey.
They wouldn't have the time and money to port the RX 570 to 12nm. And ultimately it will essentially be a RX 580, which they already sell for as low as $160, on average go for around $180.
All their focus is on Navi right now. At 7nm I think it is going to be very competitive with Nvidia's offerings. They've also taken their sweet time with it, considering its been in development for 3 years and 7nm has been available since mid last year, so hopefully they've optimized it as much as possible and binned their chips really well in order to decrease power draw.