I'm not sure the lack of ray tracing is going to be much of an Achilles heel in even three years time. Sure it'll be a lack as AMD themselves will long have had ray tracing cards out by then and more developers implement it in their games, but the take-up is going to be slow and there will be extremely few if any games that absolutely require it to run, because doing so would cut a lot of potential customers out of buying the game. Given ray tracing's performance hit on GeForce 2xxx cards to the point that even 2080 owners disable it, the comparable 5700/XT and the 2060/70/Super cards would be left seriously out of the cold.
And yeah, everyone agrees the 5500/XT prices are terrible. I'm sure I read somewhere that AMD had no choice, but there's really no excuse for it. The 5600 XT price of $279 that was confirmed today isn't spectacular either.