I don't think you sound overly critical, I just disagree with some of your interpretations. I don't see how they're glorifying the perf/W compared to Polaris - after all, the RX 5700 series has shown just how much more efficient Navi is than Polaris, with the
RX 5700 reaching roughly the same efficiency levels as the RTX 2080 and 2070S.
The GTX 1660, -Ti and 1650 are 5-7% better in perf/W than those, which would seem to align with AMD's claim that the RX 5500 will deliver 1.6x more perf/W than the RX 480 compared to 1.5x for the RX 5700 series. These are reasonable numbers that align with third-party benchmarks, so "glorifying" is too harsh IMO. On the other hand, TPU's tables show the RX 5700 being
2x the efficiency of the RX 570 and 580 (the 400 series has sadly dropped off the table), which doesn't align well with AMD's 1.5x number. Still, expecting a small increase in perf/W over the RX 5700 series seems reasonable.
As for the comparison to the GTX 1650, I think you're right that price is the main reason for the comparison - with a 30-35% performance advantage some increase in power draw is a necessity. Navi isn't
that efficient. Given the relatively high advertised clocks of the desktop RX 5500 (and the very reasonable clocks for the 85W mobile part) I don't see how AMD would have a problem making a downclocked 75W part, but given that they are
just reaching GTX 16-series efficiency levels, it's hard to see them beating Nvidia at this wattage level. On the other hand, they might beat them in price, which is still a partial win, even if it's less significant.