In a recent interview, FF14 director Naoki Yoshida says that in his opinion there is no need for next gen consoles:

"When I look at things from a gamer’s perspective, I feel that there's no real need to make new hardware, because I think right now people are happy with the Xbox Series X, the PS5 or the Switch 2. And honestly, from a gamer’s perspective as well, hardware is just expensive to buy."

https://feed4gamers.com/game-news/317170/final-fantasy-xiv-s-next-chapters-an-exclusive-talk-with-yoshi-p.htm

Man, do I miss the Atari-PS2 era and those gargantuan leaps every five years. Collectors these days scratch their heads when you tell them that you picked up all six Mega Man carts on NES in the year 2000 for under fifty dollars. But that's because back then, new consoles and games were just obliterating everything that came before it, and you saw almost no use for such old, archaic trash lol. It was an exciting time to be a gamer and sadly, I don't envision it ever returning. At least not with conventional game consoles and games.

I just got into the PS5 cycle not too long ago, so I have no issue with this gen lasting till like 2030. But at the same time, if PS6 dropped in 2028 I wouldn't care so much anyways. Besides a couple games, I'm sure I'll have access to the vast majority of the library till 2030, if not a little longer.

We don't need new hardware. What we need is developers to optimize their games. This generation has shown me that the hardware isn't the issue, it's the development. We keep seeing games come out that run bad regardless of the hardware it's on (PS5/PS5 Pro/PC/Xbox Series X|S/Switch 2). Then months if not years later these games get updates that makes the games run better. So, this whole time the games can run well on the current hardware. Larian Studios and Warhorse studios even came out and said the Xbox Series S helped them optimize their games better and because of that their games were able to run better on the other platforms.

Oh and Yoshida ain't off the hook. FF16 still has issues on all the platforms.

It was a huge driver of gaming growth as well. Older games being dirt cheap introduced customers that couldn't afford the newer hardware. One of the biggest problems for console gaming these days is that there's no trickling down of used games to people in poverty. So they choose to just game on their phones instead. 

No need for new consoles if there are zero games I'm looking forward to :/

My gaming hype has pretty much died, it feels like I've played it all before in better forms. New hardware won't bring the magic back, new interesting IPs might. No real need for yet another Final Fantasy.

I will buy new hardware though if it comes with improved VR. Although there the games have stagnated as well / fallen into a repetitive pattern.

I keep saying it, but I'll say it again.
Next gen needs to be cheap, don't aim high with it, go low and cheap.

Cheap. With the same power as current gen. But make 60 fps mandatory with all console builds of games. 

With the state of Physical media, the Switch 2/Xbox series X/Playstation 5 is likely my last console generation anyway.

If I am forced to go digital... I might as well stick with PC where the games are cheaper.

The next generation should be a bigger leap than what we got with the move from Xbox One > Xbox Series/Playstation 4 > Playstation 5.
* A.I upscaling.
* A.I Frame generation.
* Neural Texturing.
* Mega Geometry.
* Neural Materials.
* Neural Radiance Cache.
* Neural Texture Compression.

And more should be a big enabler.

I agree 100%

We will leave this generation with PS5/XBOX never getting that end of the gen "We've mastered the tech and it shows" games. PS5 is my least favorite SONY console.