After a while, there's really not much more in terms of power and graphics that consoles can go.
3 years in and the main PS5 game I'm looking forward to - Spider-Man 2, as awesome as it looks, looks like it could still be a PS4 title.
We've reached the point where any graphical improvements are so miniscule or barely noticeable that you could put Spider-Man 2 and Spider-Man PS4 side by side and a casual gamer or random person on the street wouldn't be able to tell the difference.
From this point on, each new generation of consoles should be more focused on improving the OTHER aspects of the system: loading times, online infrastructure, controller battery life (and system battery life in the Switch's case), storage space, processing, etc.
Hardware Comparison Threads:
Current Thread
Is Hardware Getting TOO Powerful?
Older Threads:
PlayStation/Xbox/Switch: 2022 Edition
PlayStation/Xbox/Switch Hardware Battle: 2021 Edition!
PlayStation 4/Xbox One/Nintendo Switch: 2019 vs. 2020
PlayStation 4/Xbox One/Nintendo Switch: 2018 vs. 2019
PlayStation 4/Xbox One/Nintendo Switch: 2017 vs. 2018
PlayStation 4: 2015 vs. 2016 vs. 2017