The value diminishes with each additional console, though. If I buy a PS4 for $400, the XBO instantly offers only about 10% of content I don't already have access to, yet remains $400. Going ahead and still buying that console after knowing that makes no sense if you value money. You're buying the first console for $400 thinking "this is worth $400 because it will offer me access to 1000 games I couldn't have played before," but then saying "this second console is still worth $400 even though it will only offer me 50 more games I couldn't have played before." I don't care if other people do it, but they're throwing money away.
I do watch TV and know that cable is a waste. There are several alternatives that cost less to nothing and offer infinitely more freedom than cable ever will.
The value of a console depends on person to person. I bought a PS4 for $670 and later bought an XB1 at the same price yet I think both are worth the price for what they offer. But I don't think Wii U is worth $400 which is what it costs in my country.