I had one of those late 90s $500 PCs. In fact I still have it. It was an eMachines, 433mhz Celleron with 32mb of RAM. The biggest problem was the lack of an AGP port making it impossible to add a decent GPU. I could still play most games just fine, and believe me I did.
Its actually quite possible and there are tons of guides for it online. You pick up an off-corporate-lease Dell for maybe 100 bucks, last-seasons mid-range graphics card for the same price, a cheap PCIe extender for 10 bucks. You can even add M.2 drive for a little extra. Tax and shipping are going to up the price a bit, but it WILL run practically any game under the sun at the lowest settings.
Obviously this is never going to be as good as a top-of-the-line machine, but the point is gaming on a budget is a very achievable goal.
In the near future maybe for a short time period, I guess? All of these issues you are sighting are short-term problems with solutions. Supply chain issues are a temporary thing. If PC part manufacturers price themselves out of the market, they will go out of business, and new manufacturers will arise with a business model that meets consumer demands.
You can see it happening right now: nVidia comes along with its new graphics card starting at $1000 USD, so AMD comes back and says "We can deliver the same performance for $500, so buy ours."
Its a simple supply and demand. Consumers demand affordable PCs, so the supply will come from somewhere.