But from a product perspective if there are still no competitors to the extant 2019 Threadripper SKUs, what's the point of such a minor bump today? I don't buy

But from a product perspective if there are still no competitors to the extant 2019 Threadripper SKUs, what's the point of such a minor bump today? I don't buy the capacity argument for the exact reason you mention: it's low volume. That's the whole beauty of the Zen architecture, right? They can shift capacity around after the wafer stage. The way I see it, Zen 2 Threadripper is still a good enough product for its goals of a shit load of cores. Zen 3 didn't increase core counts, but Zen 4 does. My suspicion is that AMD probably overproduced Zen 2 TR and is letting its supply run down until it can launch another category redefining product built on Zen 4. Plus, it would look even better in their comparison charts.