If that happens, we will see it in triple-A games first. If some new titles have significant lower hardware specs than expected.
If buyers can't afford the hardware anymore, the studios need to adjust. It's definitively possible to scale games down a lot. There are a few AAA games that were "dumbed down" for the Switch 1 (Hogwarts, cyberpunk, ...). And that's a really low-spec device.
There are two factors: existing gamers not able to afford upgrading. But also new gamers, that might only be able to afford much lower spec PCs than people who bought 2 years earlier.
Why games? Because there is a clear point where people stop buying games. Minimum hw specs are known before buying.