Huge capital overhead. Exhausting mid-lifecycle crunch that makes or breaks the next gen. Multiple giants.
Meanwhile Steam just casually absorbing everything. It doesn't matter that it's porous.
And now suddenly - hardware costs you can't tip toe schedule around.
The console business is shitty.
Talk to console gamers and they still think the PC is sweaty and playing on the PC is like putting your hands in the toilet. I mean, I remember the 1990s when kids were playing flight simulators with this huge plastic joysticks that were always falling apart and needed to be calibrated every five minutes. It's not like that anymore, with Steam Big Picture and either an XBOX ONE or PS4/5 controller your PC is a better console.
The main problem is that, ex. the Steam Controller, nobody can make a decent game controller except for console vendors and when the console vendors go down somebody will have to step up.
I just can't believe the PS5 has sold as many units as it has with just 15 exclusive games, many of which are remakes, even remakes of remakes. That reputation that the PC platform is too sweaty has taken a long long time to die and it doesn't help that ACER and such are coming out with handhelds that are maximum sweat (boot into a Windows Desktop with 10x too small fonts) compared to the consumer electronics experience of the Steam Deck.