The are plenty of innovations here. The 1080 is the first graphics card based on Nvidia's new Pascal architecture, the first with GDDR5X memory from Micron, and the first to be manufactured on a smaller, more efficient TSMC 16nm FinFET manufacturing process. Despite this, the 1080's performance gains aren't entirely unheard of. The 680 was roughly 30 percent faster than the 580, as was the 780 over the 680. The latter didn't even feature a brand new manufacturing process.
Worst of all, however, is the price. Nvidia has jacked up the cost of the 1080 (and the upcoming 1070) by £35/$50 more than the previous generation while also introducing a frankly ludicrous £188 premium for its reference cards (now dubbed "Founders Edition"). These cards will be the only ones available at launch on May 27. US folks get off lightly with a mere $100 price hike.
This is the sort of price rise that only a company without competition could get away with. If AMD's Fury range had fared better, perhaps Nvidia might have pushed the 1080 further or been more aggressive on price. After years of promises, isn't it about time we had a single GPU card capable of playing high-settings games above 30FPS in 4K?