Maybe. But you have to consider any difference in expected returns. Also account for expected efficiency and capability advances of new hardware. And perhaps most importantly, as of a few years ago the failure rate of these GPUs when run hard was in the ballpark of 10% per year (that might or might not change but regardless it definitely needs to be accounted for).

It seems exceedingly unlikely that we will see growth sufficient to justify the level of investment. But as you say that doesn't necessarily mean a worst case scenario either. An investment can be bad without being ruinous after all.