What's probably the top line from a marketing standpoint is "how much will upper-middle class enthusiasts pay?"
The ultra rich don't care, 1,000 or 5,000 those number don't mean a thing.
From what it seems like, Intel has found that $1,750 prices out the upper middle class enthusiasts, so Nvidia is setting the bar just a hair lower at $1,200.
As someone who considers themselves to be an upper-middle class enthusiast, I waiver at the 1,200 dollar figure. If I had a need for it, I.E. a monitor that could put out the benefits of such a powerful card, I would probably pull the trigger, but there isn't really anything that would allow such a card to shine compared to the previous generation.
Now if you are doing a new build and going 4k or 3440 x 1440 100hz for the first time, getting this GPU would be the smart choice in my opinion as it's the only single GPU solution that can steadily cap those numbers and leaves room for a future upgrade to SLI if/when upgrade their monitor.
Unfortunately, those of us who represent a large portion of the new buys, the enthusiasts who upgrade constantly, who already have 4k monitors and the GPU power to push it, be that CF Fury X, SLI 980ti/Titan-X, I just don't see any reason to spend that money with nothing to show for it, just like us Haswell-E owners opting out of buying a new Broadwell-E CPU.
TLDR: Folks with powerful rigs and set-ups will probably skip out on this, while it makes perfect sense for those who want to build a powerful rig now.