Once a time I tried to imagine gaming in 2 or 3 decades.
Cheap devices are so advanced that they had computational power to run any realistic game. We wont need cloud computational capabilities.
The consoles are no more, Playstation, xbox and Nintendo (and other, with more competition) are just apps for phones or TVs. Enter and access your library and play any game on your TV or phone. They run natively on the TV or phone (over a virtual machine of the plataform, probably).
They will still sell hardware, but only controllers and/or handhelds.