So, 5700XT has 40CU.
This new graphic card based on 80CU chip will be probably 1.8x times faster than 5700 XT.
I am counting that games do not scale in the linear way, and also that chip freq will be lower.
But not counting on probable IPC increase.
Going through the results in several reviews on different sites, this put that graphic card at about 30% better than 2080 Ti. And this card will have ray tracing.
So, only important thing will be pricing. It might not be the fastest card (I think Ampere based cards will be faster a bit), but if you can have 30% more than 2080 Ti for less money, than I assume many will be ready to buy it.