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What would be the point?
The PSP and PSVITA proved to SONY that while they can make a technically superior handheld they can not support the console with the quality and 'portability' of franchises as can Nintendo.

If SONY makes a PSP3 that can run near PS4 Quality games it wouldn't change anything in increasing its success, the reason the Switch is a hit is not its amazing specs but rather the content.

I foresee the only way a PSP3 could have any notable success is if it runs PS4 Games themselves and is as an optional PS4 Portable and not its own console. It would not be another pillar of PS gaming but rather just a 'nisch' version of the PS4 for those that want to play PS4 on the Go.