I see exclusives as a necessary evil. I get that in nature it is anti-consumer, as you are forcing people to buy hardware to play that game, when there is no technical reasons that they couldn't on some other hardware. Also, of course, you can sell more copies of the game if you release it on more platforms, and hence profit more of that game.
However, that is missing the bigger picture, exclusives strengthen the brand identity, it sells a platform, which in turn sell more games/exclusives. And exclusives also just flat out sell themselves. Look at the top selling PS5 games:
Spider-Man 2
Gran Turismo 7
EA Sports FC 26
Resident Evil 4
Black Myth: Wukong
Helldivers 2
Forza Horizon 5
God of War: Ragnarök
Ghost of Yotei
Ratchet and Clank: Rift Apart
2 of them are completely exclusive, 3 are console exclusives with significantly delayed PC release, 2 were timed console exclusives for at least a year. This is neither a coincidence, nor is it because Sony's first parties are just miles better than all other developers in the industry.
Exclusives sell themselves and they sell their platform, and they are useful for platform owners to get the edge over the competition. So exclusives also create competition in the gaming industry.