Phones will never really replace consoles much like consoles will never replace PCs, or motorbikes will never replace cars, or kindles didn't replace books; they're separate things that have different roles and markets.
Being able to play a downgraded version of Assassin's Creed or RE or Death Stranding on a high end phone or tablet isn't going to make any significant amount of people say "wow, guess I don't need a Playstation now".