Consoles aren’t going anywhere so long as GPU manufacturers keep scalping their userbase. A console costs less than just a GPU these days, with mostly comparable performance.
Mid-range GPUs still exist, they just dont get the same coverage as the top-end cards. An RTX 4060 is set at $300 which is much cheaper than a PS5 or Series X
$300 for the GPU only. You still need the rest of the PC to play games. The CPU will be at least $150 for anything that will run newer games basically at all, and then your RAM will be at least another $50. Now add on the case, fans, cooler, and any other accessories and for a mid-to-low range PC you’ve already passed the price of a premium console.
I’ve been a PC gamer for 3 decades. Most budget conscious PC gamers I know upgrade individual components as needed. Done this way, you can easily get more for your money than having to buy a new console every cycle.
A Ryzen 5600 is less than that and already beats the CPU in the PS5/X1X, especially in gaming.
The “mid-to-low range PC” already beats both consoles and when you consider that games are generally cheaper on PC and you don’t have to subscribe to a service just to play online, you’re quickly arriving at a point where PC gaming is cheaper while offering superior performance.