Such power draw is only possible for absolute top models. These days there are more and more eager customers to pay well over 1000 € (likely over 1500 €) for a GPU, since gaming is reaching larger and larger audience, which has resulted to the well known graphically extra beautiful AAA games that are nice to look at, but actually please only the casual gamers. People paying for the over priced GPUs right now support this claim.
I believe these extra expensive GPUs are not only for the enthusiasts who tweak hardware or play games very much, they are also for those rich casual gamers who want to marvel their games on a big OLED screen paired with the best GPU. More movie like the game the better (nay!).
I think the figures are exaggerated in these rumours, but I totally believe both GPU brands release even more expensive flagship models. This is just the nature of the business, there is no practical reason why products like these would be needed, since they offer just few percent more peformance compared to the more value oriented second best model, which of course is too expensive as well, but somewhat reasonable purchase for some.
We need to remember that AMD claims significantly better efficiency, which should result to less consuming models if we consider the usual 200 - 400 € price range and think how much performance will be handed out compared to the current models from a business perspective. The current high-end models already exceed performance of the consoles quite drastically, which is an additional point of view.
Lower consumption is likely for AMD, but I'm not sure if Nvidia can lower their consumption as significantly with their design, if the next architecture is anything like their current one, which is basically just more CUDA cores compared to previous architecture. Even if they manage to lower power consumption, this alone is not a way to create a competitive and financially successful product line. More innovative solution is required against RDNA3, just like AMD innovated and created the Infinity Cache.