If you discount Eye Toy (PS2), Move (PS3), PSVR (PS4)

PS5 is more similar to PS4 than those before.

It’s not great. I loved my PS3. Liked my PS4. My PS5 though has been mostly meh. It’s mostly due to constant flood of issues they have had to deal with, some their own undoing. Between games being cancelled games, remasters, GaaS, hacks, and whatever is going on with Marathon, it’s just been underwhelming for gaming.

It bums me out because Xbox and Nintendo have stepped their games up this generation a bit and I just don’t really feel the same toward PlayStation (though Astrobot, Spider-Man, R&C are highlights and I do want to eventually play God of War Ragnarok

No, because the first three consoles, the graphics were so massive (less from PS2 to PS3, but still huge) that it felt fresh. Going from MGS1 to MGS 2 was a quantum leap. Same with Nintendo, only with them, they sometimes did it with how you play, like with Wii.

I mean, there's something to be said for "if it ain't broke, don't fix it".

The innovations of the Wii, DS, and Switch were driven by a need to expand a shrinking player base; there was no need for them to reinvent the wheel for Switch 2 because they already had a massive audience that loved the Switch and wanted more of the same but updated to modern standards.

There's less incentive to take a big risk if your current strategy is still working.

This exactly. Which is why it's weird to me that Sony changed their strategy this gen by not releasing many must have exclusives.

It seems like they (foolishly) gambled big by greenlighting a bunch of live service games, which backfired on them, and now because of how long it takes to make AAA games at PS5 graphical standards it will be years before any of the studios they put onto failed GaaS projects will have another game ready.

Luckily for them, Xbox completely shit the bed this gen, and so now even without a lot of first party releases they are able to coast by on being the default place to play most AAA third party games.

Since PS4 yes. Every console generation before however was an inherent huge leap in technology which meant entirely new genres being brought to light and new console functionality which genuinely shifted the industry. This is not exclusive to Sony per say but the generations as a whole

PS1- introduction of 3D Gaming, CD capacity for voice acting and significantly higher variety in art asssets.

PS2- Mainstream Multimedia use in DVDs.  Essentially the birth of modern 3D action games likes of DMC, 3D open world games (GTA), establishing 30fps as the standard/minimum, dual analogue controller, actual capacity for game characters to emote with facial animation etc

PS3- Introducting digital gaming/indie games and the creativity that comes with that. Game console as a fully formed multimedia device (youtube, netflix etc). Last genuinely big leap in terms of world interactivity/phsyics/scale.

I think PS4 is where all of this just became incremental.

I understand all that. And if people want to play the same thing for fourteen years, and they somehow get enjoyment out of it, then good for them. They've just walked into heaven on earth. But I get bored doing the game thing after a few years, so I'm less than thrilled with the state of the industry. This is why I was so let down by the Switch 2. With graphics stalling to the point where regular people can't even tell the difference between gens anymore, I needed Nintendo to do something like the Wii in order to get me interested. They didn't have to go with motion controls, just come up with something fresh and new, some way for me to play a game in a way that I hadn't before. After all, wasn't that why Wii was so fun? Like the Switch 2, it had the same graphical capabilities as the console that came before it, only unlike the Switch 2, it managed to redefine the way we played games, and as a result, it felt fresh and exhilarating. Hell, when I bust out the Wii now and play it with friends and family, I'm still going wow... this is fun! I wanted that from them again. Same with Sony. Same with Microsoft. Well, none of them are doing anything even remotely like that. So here I am, stuck rotating retro consoles in and out 'til the end of time. Which is fine. I mean, there are enough legendary games out there for various systems to keep me happy until I'm dead. But I hate it. I use to be a part of what was happening. Now, I'm not. It sucks.

Software wise I think both Mario Kart and Donkey Kong show they'r ecommited to creating distinct gameplay experiences beyond more polish and graphics, even if they're evolutions of what has come before. And without entering the realms of sci-fi, there is a limit to what kind of evolutions we can expect with hardware at the moment. And in particular with the Switch 2 setup which still has joycons etc, hardware is not a limiting factor for continued evolution and very unique experiences. We should let them cook but also be open to new experiences being delivered through brilliant software and not necessarily a gimmicky hardware.

Astrobot honestly gave me that "Wii" feeling again, I wish more games were built on playstation with that level of gameplay focus.

Since you crave shiny new things, I'm curious did you ever invest in VR? 

Not even the first Switch felt as fresh to me as the first time I bowled in Wii Sports, or went fishing in Wii Play. And that's the sort of thing I want. I want something that feels new again. I want some genius to come up with something I can't even dream up. That is not happening with these systems at the moment.

And yes, Astrobot scratched the itch. At least Playroom. I haven't played the second game, yet, but I intend to. I wish more developers were thinking outside the norm like they did for that game. If they were, I might have an entirely different opinion on the current state of the industry.

As for VR, I'd love to get on board, but I'm sadly one of the few who get instant migraines. And when I say instant, I literally mean it. It's like five seconds, and I'm down for the count. I'm hoping that as the tech matures, that won't be a problem. But for right now, I'm unable to enjoy it.