In my experience most products are dead out of the box or when the system starts really pushing itself during the warm summer months. Three years might seem like a short window compared to some but really I am more likely to buy a replacement then send a product in for a warrant replacement for the same thing after that much time.
I also if it came with a 10 year warranty I think some might question the company future after getting out of GPU and releasing their first PSU since. I think a lot of people would see EVGA lasting 3 years but when you slap a 10 year warranty people question it.
Guess I should add that I just read that InstaPot filed for bankruptcy. I would have assumed that since everybody has a InstaPot or Pyrex bakeware that the brand would be good and you could trust the warranty if it said a decade.