I think you can make a reasonable case that this might be the last generation of consoles in the sense that we've come to know them over the last few decades. I think it is clear that a substantial portion of gaming will be done via streaming, and that will not require the same level of dedicated hardware that we're used to. Whether all of the traditional gaming market moves to streaming it's not yet known. If it does, then they're probably won't be much remaining market for home consoles. There may still be some market for portable consoles like the switch though, as we're a long, long way away from most of the world having internet capabilities that will allow them to stream AAA games effectively on the go.
None of that has anything to do with a lack of raw materials though. That's not even remotely close to becoming a problem. Humans adapt. We invent new things. We learn how to make old materials work in new ways. Is oil on its way out? Probably. But I think it's safe to say that we'll still be using it for at least the next 100 years, to some extent. Is it becoming harder and harder to get some metals and minerals? Yes. But, as those things become harder to get their prices rise. As their prices rise, people and companies are incentivized to find new sources of them, or alternatives for them, or new methods to extract them. As was mentioned above, people have been talking about running out of various resources for just about the entirety of post-industrial revolution history. They've been proven wrong every time, at least insofar as scarcity of any specific resources present a real problem for humanity. That just isn't how it works.
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