"The most powerful will never wins" and "the most expensive never wins" have always been meaningless arguments and "because it hasn't happened before" is not a reason. That people thought it was some type of gaming law, especially when we're dealing with a sample size of only a few generations, is just silly.
Graphical power is only irrelevant when price outweighs perceived value. Unto itself, it's always a positive. Perceived value is the most important aspect, usually. It's the art of finding the sweet spot on the graph between power and price tag, plus having a compelling catalog of software.