"Well for starters, the best looking games this generation wasn't even on the PS3 or Xbox 360, it was on the PC."
It was definitely implied.
A new generation of consoles should improve PC graphics also. They aren't going to be held back by 7 or 8 year old consoles. Graphics can be a very important thing for people. I can think of dozens of games that wouldn't have been as good if graphics didn't improve to allow 3D. So it's not like buying a new console for improved graphics is a ridiculous concept even compared to PCs. Consoles are more powerful than PCs priced at the same, PS4 was estimated to be a 500 or 600$ PC. This is without even adding the benefits of it being a console. According to John Carmack, consoles give about twice as much as a PC at the same specs.
I can simply add one word to that and say: "The best looking games this console generation wasn't even on the PS3 or Xbox 360, it was on the PC."
Thus, you have taken it out of context.
If you want to get into cost, remember... Online gaming is free, games are significantly cheaper.
Over an entire consoles life, if you bought 100 games, you could have literally save thousands in software purchases by going with the PC. - That easily makes up for the hardware cost in my eyes.