You're forgetting that not everyone cares about gaming on the go. I much rather play games at home on my 65 inch Oled. Also, I don't think Nintendo is competing with Sony or MS in the console space. They are just targeted towards totally difference audiences. Nintendo is mainly a family friendly/ kids console while Sony and MS are aiming more for the "core" gamers. I mean my nephew loved everything Nintendo when he was 7. Now he's 11 and he's only playing ps4 and pc.

Yup, there are people who are never gonna be gaming on a tiny, crappy screen while being in a crappy environment on the go, when there's a possibility to use glorious big screens of beauty and splendor in your own, peaceful place.

That doesn't mean streaming won't take over. First digital took over from physical, because convenience. Same will happen with streaming. 1ms is a myth, yet it is possible to make it almost indistinguishable from the input lag we're used to now with consoles. Console games have 67 ms input latency at best. Better hardware at the server end can make up for transmission latency.

https://displaylag.com/console-latency-exploring-video-game-input-lag/

Netflix streams 4K HDR at 18 mbps. 4K blu-ray is very niche so apparently that's more than enough. If it works for movies, should be fine for big screen gaming. The only savior of local hardware will be VR which can't stand any input latency. However reprojection for head movements can be done locally like the ps4 already does with frame doubling to 120fps. Controller / head tracking locally, game processing remotely, it's possible.

Three charges £20/month for unlimited data, texts, calls and unlimited tethering (true unlimited, 40mbps, 30-70ms latency). 5G is included for free as and when it rolls out which it currently is in my city. I didn't believe the low latency claims but I've had friends try it and they say it's very low. Don't know anybody who's tried game streaming yet though.

OP has never been more correct

The answer to OP's question is simple. 5G won't have 1 ms lag. One ms refers to "air latency", not user to server latency. OP doesn't understand that information still has to travel hundreds of miles to get to whatever server farm his game is running on.

frankly my home ms of 13 on a total ms of 16 would deffo see an improvement

No, it doesn't.
5G Cells have much shorter ranges, thus less distance to travel.

To a point. And to be fair MIMO gets deployed in even 4G scenarios.
Radio Spectrum is still a finite resource at the end of the day... And sometimes the bottleneck lays elsewhere like the backhaul, some towers are fed by far more limited Microwave for instance, especially in more regional/rural areas.

Weather is always an issue.
Not all weather is just clouds and raindrops.

The modem is another "device".

Never said it does correlate with lower bandwidth though?

I look forward to the 5G rollout. We already had the largest and fastest 3G networks in the world, which turned into one of the largest and fastest 4G networks in the world, so if that happens with 5G as well, I will be extremely happy.
My phone already can pull down 90Mbps over 4G on an average day, so greatness awaits.

Sure massive MIMO can be deployed with LTE but it's very rarely that it happens since massive MIMO antennae are very heavy for the given cell site loading and not many mobile network operators like the idea of stressing the cell site only for it to fall down because it couldn't handle some strong winds so deploying massive MIMO in the past usually wasn't worth it since towers needed to be upgraded to handle the extra loading ... 

The latest iterations of massive MIMO antennae are getting lighter which are making them a more suitable option for increasing bandwidth capacity with no extra spectrum added which will make them far more deployable outside of urban areas ... 

Meh, the interference posed by extreme weather conditions aren't much of a concern for sub-6 GHz frequencies since they'll penetrate obstacles just fine ... 

Weather condition interference and line of sight is a much bigger issue with mmWaves ... 

Eh, I wouldn't call it a device by itself. It's an "integrated circuit" so let's just leave it at that ... 

By itself a modem isn't a functional apparatus without the RF antenna modules which are needed to interact with the radio waves itself ... 

"But due to the smaller cell size which reduces the amount of users per cell meaning less bandwidth competition between users"

I thought it was implied from the above statement but anyways bandwidth capacity for a cell site is a complex topic ...

It's all about the air interface/waveform (TDMA vs CDMA vs W-CDMA vs OFDMA), channel coding technology (turbo code vs convolutional code vs LDPC code vs polar code), MIMO (spatial multiplexing), duplexing techniques (FDD vs TDD/TDD configuration), duplexing modes (full duplex vs half duplex), SINR (signal interference noise ratio), carrier aggregation, un/paired spectrum, etc ... 

5G NR is a multi-year effort anyways so we won't see much of it in the near future, it'll likely see it's peak just before 6G is standardized ... 

Companies survive by offering the streaming internet service as there own. Hardware wont last forever, we evolve by relying on less and less bulky dedicated hardware to do things.

Smart Phones took over the world because they can just about do everything, they replaced physical cameras, GPS units, telephones etc. Unfortunately for gaming, it will eventually be replaced by multi-media devices. there is a reason Sony and MS design there consoles to do more than just play video games because just doing one thing these days is now become ancient methods.

Streaming weather we like it or not will take time to take off however it is there and it will eventually be the main stream of gaming just like how Digital media was a hated idea in the past to now one that is welcomed in open arms. Netflix proved you don't need physical media anymore and Streaming is basically the same thing for gaming as well.

I am big on Physical media and Digital media and I enjoy buying big collectors editions as I just brought the pre-order for Doom Eternal Collectors with the Doom Guy helmet. I love that stuff however we have to understand I am not a teenager being grown up in a world with multi-media devices, I was brought up in a world before mobile phones were even a thing so I am happy to still live the old fashion way. Kids today laugh at us knowing that we still have to put disks in disk drives and hording all our space with physical items and boxes.