Everyone is expecting cheaper consoles these days, which is why they're generally less a jump than in the past (given the 8 years that passed, the jump between xbox360/ps3 and xbox1/ps4 was rather a joke).
I recall reading that, adjusted for inflation, the PS4 was Sony's least expensive console to manufacture, the xbox1 WOULD have been Microsoft's had they not jumped the price with the kinect initially, and the Wii U only missed the mark because of the Gamepad's cost and how cheap the Wii already was.
In general, ever since 2008 we've seen costs continuing to drop, and the consumers are far less willing to pay a bit extra to allow for stronger hardware (not terribly surprising given what occured in 2008). The old costs of consoles and games would probably shock a lot of people today.
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