Considering they've literally been giving the game away as their main system bundle for quite awhile now, I don't think using it as an excuse to increase price now would work. As it stands, there are so many extra digital codes out there, you can pick one up on eBay for all of $15, if not less.

How would it be increasing the price? The 1TB PS4/TLOUR bundle would be the same price as the 500GB PS4/TLOUR bundle is now, but by moving that bundle to the 1TB version it would allow them to lower the price of the 500GB more because the 'value' argument would shift to the 1TB version and obviously by it's very nature the $300 500GB version would be seen to have value.

The only other option would be to put TLOUR in BOTH versions. The only problem with that is the 500GB version would appear to be $250 and that would make it TOO cheap TOO soon.

It will come to the US eventually. 

You're not getting it. TLOUR literally adds no value to the PS4 bundle. Maybe it did back when the bundle was new, but Sony has flooded the market with TLOU digital copies. I mean flooded. The game is worth only a fraction of the value it was when they started bundling the code to the point where even at $15, digital codes aren't selling all that well. If they did a Bloodborne bundle, I could see them maybe getting away with it, but even then, they would need to offer an unbundled version of the 1TB for $350, which they are not going to do. No matter how you look at it, the PS4 is not dropping to $300 in any capacity anytime soon. It doesn't need to, and it certainly isn't going to.

I think it's you that's not getting it. People who buy a PS4 with TLOUR do not already own TLOUR. What does flooding the market have to do with new consumers? Nothing. Regardless of how much you can get TLOUR for now, the average consumer will still think it terms of $60 added value.

TLOUR never was $60 in the first place. 

Do you honestly think eBay would be flooded with digital copy codes if people only bought the bundle because they wanted/didn't have the game? A lot of people buy same price bundles with the intent of selling the bundled item. This is exactly why the prices of digital codes for games from last Black Friday's major PS4 bundles all dropped to some significant degree lower than retail. People bought the bundles to sell the codes just as often as they bought the bundles because of the codes. Even then, a bundle loses value when it's endlessly as available as the non-bundled console. In a way, the bundled console has become the standard console.

Even then, following your logic, why would they not have been selling the non-bundled 500GB for cheaper already if they felt your example would be the average consumer behavior? Because even Sony recognizes that TLOUR is a basically value-less bonus acting as incentive to purchase a PS4. Little more.