Not entirely correct. GPU mining was supposed to die back in 2017 as some said but that did not come true. For the short term, it will have a significant impact on GPU mining profitability with all the hash power thrown around causing volatility. But it may ultimately settle down with a few coins, and if one blockchains has a strong/viable use case, we may have another ETH like run in our hands. Just don't go out investing in new GPUs at this time, but down shut down operations yet either.
This is exactly my view. GPU mining is NOT DEAD!! But we will have a 'forest fire' followed by a recovery in a few months. Those who buy equipment during the recession will make the most profit.