No, pc gaming will not die, because there will always be older cards, or new cards with reduced power. Also, not all games have to use the most powerful cards. Gamers have always been the driving force behind more powerful video cards. If the trend of price gouging continues, then Nvidia will probably go to a registration method of distribution, or you can buy a card with a new system. Plus, there are always embedded systems, all-in-one PCs, and so on.
It won't be the end of PC gaming, because games are made on PCs. Well, it is true that you can make them on Xbox One now, but what Microsoft allows today could literally be gone tomorrow.