The consoles I'd say I have considerable experience with are PlayStations 1-4. I was probably too young and played too few games with the first one to form an opinion of the whole generation, but I enjoyed PS2 and PS3 a lot. I feel like those were two very solid generations, although Sony started showing some worrying signs later during PS3's lifetime (mainly attemps with online pass). The PS4 generation felt quite disappointing in some important ways, the most important of which are probably paid online play and total lack of backwards compatibility. I got a PS5 only recently, but so far it's been much the same as with PS4.
Overall, I don't think competition has been a major factor in how good generations have been so far. In fact, the only major thing it's done is bring paid online play everything, so that's a huge negative I'm not sure would have happened at all or at least so fast without competition, with Steam having had more time to set a stronger precedent for a service with free online play. I guess prices could be even worse, and I could certainly see the situation becoming much worse overall without competition, but dang, that paid online play sucks.
I'd also like to remind that regardless of whether you consider PC competition, it is there setting some limits on what consoles can do, especially in regard to pricing, so it's not like there's true lack of competition in gaming anyway as long as PC stays around.
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