Yes. But that's because the cost of a new camera is almost insignificant compared to the cost of the underwater housing, and then all the other items one feels "compelled" to upgrade. 
My first good UW cameras were point-and-shoot. Camera (new at the time) cost around $250. Housing: $650. That was for a good compact (new at the time) and an Ikelite housing in Canada (our dollar always sucks for buying stuff).
DLSR is not much better. The cost ratio is lower, and you get more camera (IMO), but you spend more overall. You can spend thousands on a pro-level body, but the housing will still be more ($4K+ for anything aluminum) Then strobes (you gotta buy new strobes, right?) etc. It's always about a 10K investment if you buy new. So for that kind of overall money, that new model camera better be super awesome compared to what I have now.
Funny thing - last fall I finally upgraded my iPhone 4 to a 7. I could not justify the cost of and X for the features no matter what I did. Heck, I couldn't even justify the 7+ cost compared to the 7. But the 7 is much, much better than the 4.
p.s. I now have a Canon 7D (mk 1) in a Nauticam housing, which I got used for an awesome price. Looking at the 7D mkII or even the 6D (which I love), there's no way either camera can justify for me the cost of a new housing. SO instead I just bought a spare 7D. Much, much cheaper.

My first good UW cameras were point-and-shoot. Camera (new at the time) cost around $250. Housing: $650. That was for a good compact (new at the time) and an Ikelite housing in Canada (our dollar always sucks for buying stuff).
DLSR is not much better. The cost ratio is lower, and you get more camera (IMO), but you spend more overall. You can spend thousands on a pro-level body, but the housing will still be more ($4K+ for anything aluminum) Then strobes (you gotta buy new strobes, right?) etc. It's always about a 10K investment if you buy new. So for that kind of overall money, that new model camera better be super awesome compared to what I have now.
Funny thing - last fall I finally upgraded my iPhone 4 to a 7. I could not justify the cost of and X for the features no matter what I did. Heck, I couldn't even justify the 7+ cost compared to the 7. But the 7 is much, much better than the 4.
p.s. I now have a Canon 7D (mk 1) in a Nauticam housing, which I got used for an awesome price. Looking at the 7D mkII or even the 6D (which I love), there's no way either camera can justify for me the cost of a new housing. SO instead I just bought a spare 7D. Much, much cheaper.