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I think the timing is a little awkward. But mostly, it's the prices. Gamers really don't need 16GB of VRAM for 1440p and for 4K the 4070 just falls short.
So gamers will wait for the next generation, or take a 7800XT for 1440p. Unless they care about DLSS3. Which is very dependent on the games they play.
More and more it seems like only the impatient or foolish buy new tech within the first 6 months of release. Whether it's games or hardware, it's clear that developers have realized they can get away with the "release it now, patch it later" approach, so why should people pay to be the guinea pigs? Especially when the performance upgrade between the 40 series and 30 series is so small?
For AI 12GB is a joke. 16GB is barely functional. Sub $1k 48GB is where it's at right now. That is possible with 3× 7800 16GB cards that retail at $330 each. Now put that in one package and cut the cost 20%. That is where we should be right now. $1.6k for 2 cards and 96 GB. The appeal of cut price cards is in this area. I would not touch anything less than 16GB.