This is surprising but really good news. I was considering the 9070 non-XT model for later this year, but it was still a little more power than I needed.
I think vram wise it'll match the 5070 but performance wise if they can make it $150 cheaper than a 9070 with 12GB of memory and say 10% slower than the 9070, I think AMD could have a real winner in the mid range market.
It depends on the performance target of the 9060 XT. If there is a wide enough disparity between that and the 9070, there's huge market for a GRE model. A 12GB 192-bit bus card is an upper tier budget card or a lower tier midrange card. Many considered the 6700 non-XT as one of the best value cards. Part of the reason it didn't sell well was because it wasn't marketed or kept in stock.
I've heard that the 9070 XT die is not binning poorly, so since the 9070 is already a cut down variant with lower stock, I don't see it being a binning issue personally. I see it as AMD trying to take advantage of a huge opportunity to canvas the low-midrange market with as many well-received cards as they possibly can. I think that's sensible. Strike while the iron is hot, as cheesy as that is.