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Bofferbrauer2 said:

The SSD is the main culprit. The size is actually the same between the two (Sony calculates in Gibibytes while Microsoft used Gigabytes), but Microsoft could use cheaper chips and SSD controllers than Sony for their respective targets. Potentially by a lot considering parts get ordered way in advance. Plus Sony is using more smaller chips, which will definitely cost more than what Microsoft is using.

They are not the same.

Xbox Series X = 1 Terabyte = 1000 Gigabyte = 931 Gibibyte

PS5 = 0.825 Terabyte = 825 Gigabyte = 768 Gibibyte

Xbox Series S = 0.5 Terabyte = 500 Gigabyte = 466 Gibibyte