PC gaming is "cheaper" in a sense cause of Steam sales cause you could get AAA games that came out not to long ago for > 50% off. Also if you pre-purchase a game, many PC games on steam come with 10% off. So you take that, along with the fact that Steam is a free service with all the features of PS+/XBL and more and you have an awesome, cost efficient game experience.
Steam has 4763 games for under $10 and 2780 games for under $5 which include both AAA and non AAA games. It has a sale both every week and weekend on many, many games. On top of that, Steam has a massive sale on virtually every game on steam twice a year... One during the Summer and One during the winter. And during the massive sale, there are plenty of opportunities to get games on your wishlist for Free and remember, Steam is a Free service
As for the whole, "Hardware" upgrade, from my experience, the only people that want a hardware upgrade are the people that want to play games like Starcitizen at max settings and want to show off their epenis and have bragging rights in the PC community but for those of us that don't care, you spend a one time initial fee of about $1000 and you will have a PC that is more powerful than a ps4 until the ps5 comes out. Now, the only games that will look better on a Ps4 will be First Party games and potentially third party exclusives (not timed btw) but with PC, you can add in mods to make your graphics and performance look and play better then even what the original game developers did in max settings. Now, your hardware might not be able to run all the mods but it will be able to run enough to make it look amazing none the less. So in other words, if you spend roughly $1000-$1200 on a gaming rig and provided you didn't get ripped off. No matter what games come out in the future, the multiplatform games should at minimum look as the same as on a ps4 or on average, look better. And also, dont forget, you can do a lot more things with a PC then just play games
But I do hate how PC gamers treat console gamers though, its pretty terrible
Oh and dont forget, Steam also has family sharing which means if u buy a game, u can share it with 10 other friends provided they play it one at a time