I expect we've seen a mixture of next-gen (Elder Scrolls 6, Starfield) and cross-generation (Halo Infinite, Cyberpunk 2077, Beyond Good & Evil 2) titles. It does seem like Western publishers and Microsoft and Sony (especially Sony) are in a holding pattern. On top of seemingly next and cross generation announcements, there've been so few surprises and so many big games are being pushed into 2019 (which is partly a result of RDR2, but I think it's also down to publishers wanting to clear the decks ready for a new generation).
If PS5 is launching late 2020 or early 2021, then game development needs to be starting now. Similarly, if the next Xbox revision is around that time, development will be ramping up. While I expect Sony will clearly go down the traditional route of offering distinctly new hardware, I suspect Microsoft will continue on a less traditional trajectory when it comes to hardware refreshes. Whereas the base model of the Xbox One might be made obsolete, I think Microsoft will try to keep One X relevant and selling as the new 'base model' Xbox; that's if these games will run on that hardware.
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