There really was not a price increase once get to an Apples-to-Apples comparison.
Entry Mac Pro 2019
8 Core CPU , 32 GB RAM , 580X ( or W5500X now ) , 512GB SSD , etc.
$5999.
Entry Mac Pro 2023
24 Core CPU ( 16 if just count P cores) , 64GB RAM , better than W57000x , 1TB SSD , etc.
$6999
There are some big gaps there is performance and capacities.
In the old system a MP 2019 :
16 Core CPU , 96GB RAM , W5700 , 1TB SSD , etc
probably was more than $6999. (BTO didn't have a path to 64GB RAM). Apple charges about $400/TB for a SSD ( so about $300 over entry). The jump from W5500X to W5700 was about $500 (or so). Apple charges $800 for 32GB ECC RAM in the Apple store. 300+500+800 ~ $1600 ... + entry price = $7599
So yeah, in terms of bang-for-the buck it is cut. The factor in play is that you have to be "this tall" to ride the amustment park ride. If budget didn't go to $7000 in first place then there should have been a "price cut".
Sonnet is selling the 3 slot xMac Studio for $1,649
https://www.sonnettech.com/product/xmac-studio/overview.html
That is 3 slots ( half of the Mac Pro's 6) with a x4 PCI-e v3 backhaul connection the Studio ( versus if have single x8 PCI-e v3/4 card in a Mac Pro get full bandwidth). A Sonnet Echo III Express D for another three slots would be $799 and same backhaul deficient. So combo is $2,448. so the $3000 - 2448 . So for $552 more than double the backhaul bandwidth to your PCI-e slots. That isn't worth the money?
Yes the rack mount Mac Pro is another $1000 on top. But the backhaul bandwidth difference if using it... Probably still worth it. Easy to claw that back also. To go from 1TB to 8TB with Apple SSD capacity is $2,200. If actually need performant 8-12 TB SSD internally then 3rd party solution probably around $1K cheaper than that for a Mac Studio.
IMHO, the big problem with the way the Mac Pro sales pages and the pitch they made at the keynote is that they have massively buried the huge PCI-e backhaul gap between the Studio and Mac Pro. Also think it was slightly goofy to compare it to the W5500X on the marketing pages also. Grounding off of the W5700X would have been a much better baseline. Folks who had a 580X/W5500X/W6600X could all figure how far under they were from the W5700X all by themselves. Even Apple said at the first Studio introduction, the vast majority of folks do not by W5500X. The most common Mac Pro MPX module was W5700X.
On the whole Apple, moved better performance to a lower price. Not at the upper 10% range , but over the range that most folks bought from them.