It should be almost as good as the NVidia RTX 3050 in a few years. I don't think it is the hardware problem. Rather it is the software optimization issues that needed to be resolved. Once it is resolved, it should be compatible with all the games.
NVidia just releases a RTX 4090 GPU. It is capable of 4K native gaming, but costs almost $2,000 USD apiece. It is the top of the line for gaming, but too expensive. Only a truly devoted gaming fan would buy that kind of stuff, but set them back almost $10,000 after buying the GPU, a good performance CPU and a good 4K gaming monitor matching the performance.
That GPU probably is two or three generations lagging behind the latest NVidia 4090 GPU. I have an outdated NVidia GPU dated 10 or 11 years old. It is still capable of play all the games. That GPU's speed probably is more than double of my old GPU. It should be quite powerful once they optimize the software.