[joha4270]

Yes.

Every new GPU generation delivers more performance/W than the previous generation (mostly due to semiconductor process improvements) But the competition to have the fastest chip means that total power usage keeps growing.

Power efficient chips just doesn't generate headlines the same way.

[BizarroLand]

And it doesn't help that game companies have little incentive to obsess over squeezing the absolute most performance out of the hardware when customers care more about "Jaw dropping visuals" and raytracing than knowing that the game can pull 60fps on 10 year old hardware.

[boltzmann-brain]

There hasn't been competition to have the fastest chip for 4 generations.