Correct if I'm wrong, but without any new entrants, the market effectively cornered by a few players and high demand from data centers, how will the prices come down? Just like the GPU prices post COVID and bitcoin demand, how will there be any incentive to bring down consumer prices? The only scenario I can think of is chinese firms catch up and swoop in to corner the market.

If demand stays high existing firms will increase capacity to make more money, and then will compete against eachother on price to sell their new extra capacity. They'll do the same to prevent new firms (in other counties or not) from having an opportunity to come into the market and undercut them.

An illegal price fixing cartel could defeat the first pressure on prices (though is unlikely to). The second pressure would exist regardless.

GPU prices have primarily stayed so high because there's kept being new surprising sources of excess demand that the market didn't anticipate. I.e. it has yet to reach "eventually". Also to some extent Nvidia's government enforced monopoly on CUDA (via copyright) has meant they don't have any competitors with equivalent products. And software creates a so called "natural monopoly" because it has zero marginal cost while hardware generally doesn't.