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superchunk on 12 June 2017
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Same reason people buy new phones every couple years. They want the latest and greatest.

I buy a new phone about every 2~3 years. The phone is usually anywhere from $400 to $600. I do this because I want a newer more powerful phone, better hardware, etc.

For games, I'd probably do the same depending on the price and impact to content. See, in phones, there is an immediate gain in functionality with a newer phone. Apps work faster. Battery lasts longer. Better cellular options. Better camera. etc. But in consoles, that is not proving to be true. It takes updates/patches to maybe see difference in a game between PS4/Pro and likely the same for XB1/S/X. On top of that, the only difference you're likely to see is crisper/prettier graphics. The game will likely not play any different.

So with that in mind, what is the value of buying a newer console every 2~3 years?

That is the problem with the approach Sony/MS have taken. (have to see what Nintendo does eventually) While they are starting to kick-off the mobile-esque approach to hardware, they need to streamline the game development so that all games have an instant benefit to newer hardware. This approach not only reduces their long-term production costs (no patching) but also provides a real benefit to the customer.

For me, I think I'm still going to stick to a 5~6 year console purchase. This means I'll always skip the first iteration of the console and potentially buy the second iteration which is where I would expect to see games jumping in a more "generational" change and potentially seeing support for the original version (console) to be fading out.

Example:
PS4 - buy
PS4Pro - skip
PS5 - buy
PS5a - skip.

Others may do something similar but buy the iterative models or others may not like money and buy every version. To each their own. I for one will not buy a XboxX, will not buy the revision for Switch likely to come in 2019, but I may buy the follow-up to those systems or potentially a PS version at some point.