This card will sit between 7600XT and 7700XT for certain. It would be called 7600GRE if it were weaker than 7600XT (which would be embarrassing). A lower CU version of Navi 32, with same memory as 7700XT would seem about right. Might come from defective 7800XT or 7700XT cards.
AMD could be launching a new mid-range RDNA 3 GPU at CES 2025. Titled RX 7650 GRE, the GPU will most likely be a cost-effective option that could see a limited release like the RX 7900 GRE before being more readily available.