Yeah the hardware isn't the problem; while I do find it ugly and too big, that's not a major deal so long as it runs games well, which it does.
As a box for third party multiplats it delivers. If you wanna play Call of Duty/Assassin's Creed/Monster Hunter/etc and prefer the convenience of a console over PC, then PS5 gets the job done, and with Xbox having self-destructed its essentially the only game in town if you want a powerful dedicated home console.
The problem is that when it comes to PS home consoles, I expect more than that. I expect standout first party titles, and while PS5 does have some standouts like Astro Bot or Stellar Blade, long development cycles and their ill-conceived GaaS push have left the pantry somewhat bare compared to say PS3 or PS4.
Now, the gen is far from over, so this could change, but when you have say a whole year with like 4 first party games, that's pretty dire.