I think Trump might be another reason as to why they are not cutting the price right now. I know I wouldn't when there's a possibility of 20% tariff being slapped on consoles sales, as that would make the console more expensive again for Sony, Nintendo and Microsoft.
The next round of tariffs has been delayed until after the holiday season to not hurt those sales, but then early next year they may very well come. And if it comes, it may also just as well increase the price of the next gen by 100$ in the US.
These tariffs are dumb, but if they go live I think Sony would split them with their userbase, aka PS5 being $50 more instead of $100 more for the consumer.