IC is also more power efficient than VRAM access, this was one big factor of RDNA2's massive perf/W improvement.
48MB might be enough for 80 CUs running at more modest clocks in a console (remember previous console SoCs had no GPU IC at all), but for a 96 CU desktop GPU with 20+% higher CU IPC and clocked to 3+ GHz, 96MB might be necessary to hit their perf targets at 4K and RT/PT in general, despite GDDR7.
FWIW, Nvidia didn't back down on their L2 sizes with Blackwell despite GDDR7 either, and NV is no less margin-oriented than AMD.