Gamers just had it good for too long and are going to be getting some brutal reality checks in the next few years.
There are almost no industries out there where companies subsidize the cost of any consumer good down to bare cost or even are willing to sell anything at a loss. The fact that in the game business you had game companies convinced they should do that for several decades (lol) is a massive outlier and was likely to come to an end and it looks like it is now.
For the "I'm cheap, but I expect a lot for my money crowd", you had a good run. It's over now. You're gonna pay big for future Playstations and if you go the PC route, future Nvidia GPUs.
And game prices will likely also continue to rise on top of that to make up for rising budgets. Companies were not going to shoulder all these rising costs and never pass them on to consumers. To think that was how things would work was naive.