The Radeon VII is ultimately just a repurposed workstation card given flagship treatment. It's not where AMD's business really is, ever since they went down the route of semi-custom and small dies. While pushing RTX could renew Nvidia's advantages, the only game console they're on these days is the Switch - no raytracing to be seen there. Developers accommodate the Geforce cards for PC releases, but AAA going console-first precludes designing most content around RTX. They've made a lot of moves to try to repurpose high end graphics for other markets, but it looks like it's going to be very rough for Nvidia in the next few years if they can't find a "blue ocean" that needs both speed and programmability.