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I don't think there is just one reason ...

There are people who bought the PS3 because it was a good Blu-Ray player, and a good media server, and are (generally speaking) pretty casual gamers and only buy a couple of games a year.

Microsoft has done an excellent job of creating a platform with dedicated users that have fairly uniform tastes ... While not every XBox 360 user is like this, there are a lot (potentially a couple of million) of users who are buying highly aggressive shooter games every month or two.

The price of the PS3 means that many of the users who bought it for its games alone are multi-console owners (and potentially PC gamers) which means that there is more competition for their attention whenever a game is released.