Think about it. Since the Pro is old enough, they can make a $299 Pro slim or whatever and say, "hey, our console is only slightly weaker and $100+ cheaper".
People who see a $499 and $300-350 console will probably go for the cheaper
That same argument could be made when the PS5 launches. Scropio will be a very capable box that's cheaper and it will share games with the next Xbox.
PS4 Pro specs upgrade just wasn't big enough. They should have made a better upgrade for $499. It would have been more capable, more desired, and the average user on budget would have bought a PS4 Slim anyway.
Sony hasn't made many mistakes this gen, but PS4 Pro underdelivered.
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