There wouldn't be hardly any AAA games if that happened and gaming would be extremely niche. I don't see most console gamers putting up with the PC's non-user friendly ecosystem. Hell, PCs are more user friendly now because of consoles, so I'd say the learning curve would be even more unattractive without consoles to lead the way.
EDIT: Now that I think about it. Arcades would most likely see a huge resurgance if consoles weren't in the picture.
I am the Playstation Avenger.
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