That and the software output hasn't been good. We've seen mostly remakes, remasters, sequels and live service games that haven't quite stick the landing.
And consoles have been going up in price with multiple price hikes while implementing shady stuff behind their players' backs, like dynamic pricing and the temporary license system for digital games.
They seem to want to eat the cake and keep it at the same time, delivering significantly less snd charging significantly more.
Personally I'm out of modern gaming. I'm going to see modern gaming crash and burn. Instead I'm going to focus on the sizeable collection of consoles and games I already have. I'll be on Battle Garegga, Die Hard Arcade, Batrider, Fable 2, Resident Evil 2 Remake, Crazy Taxi, Dead ir Alive 2, Alpha Protocol, ...
Current gen is all about extracting value from consumers and lining the pockets of investors. They don't really seem to care about the people that buy their consoles and play their games.