Without any other indicator of how the next 5-6 years are going to pan out, it's all we have to go on for the time being. The more power there is, there more possibilities there are for devs. The fact that there's more power at a lesser price is what's pushing it.
You also mention in your post that it's "only" Sony's first parties that are going to take advantage of it. For a lot of people on these forums, that's actually a massive deal.
Personally, I couldn't care less. I'm genuinely happy playing JRPG's with PS2-era graphics and action-platformers that haven't made many steps forward graphically since the start of the seventh gen. Graphics plateau'd a while back for me in terms of impressiveness, although I am occasionally still blown away (by the oddest of things too - Final Fantasy XIII-2 and Ratchet & Clank: Nexus being the most recent examples). It's more about graphical style than pure brunt of graphics, in any case.
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