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They sorta never made sense.  In the past, they could be defined by hardware power (16-bit, 32-bit) but even then, there were always lesser known consoles launching all of the time. Sometimes, they'd even be a generation ahead, as far as power and still be part of a gen that started years before.

It's just another non-existent thing that we use to define a certain period in time.  There's no official rules, criteria, time span, or logic.