Chips do deteriorate and fail naturally at datacenter scale or in timescales of decades, though not exactly like on financial reports. Leak current increases or electro-migrations occur at junctions or whatever those words mean.

And yeah, it does feel like GPUs will start losing values slower going forward with Moore's Law being dead for a while. It used to be that 3-5 years old GPUs were more useful as space heaters than GPUs, but that's much less of the case today.