Eh, I don't think I see it that way. It's more like we're seeing the value of time. So if you buy a game day one, it's because you value having it now. I mean, people even preorder because they value now so much (perhaps too much?) So when I think "well that'll be in a bundle in 6 months" I don't value now much at all, and I can wait (backlog and all). A seller brings down the price until they hit my now point, and since I don't want to spend more than I have to, I'm more inclined to agree. The lower price is more competitive, because all stuff competes with all other stuff. I've got a lot pulling dollars away from me, not just games. But $5 EA games, that's compelling and fits into my budget without even having to think about it.
So I think it's not a race to the bottom, but that we're seeing how valuable the game actually is over a time. Often, that is to say, sorry it's not very valuable in this super saturated market and world of backlogs.