It already exists - Steam Deck.
I knew that was gonna get name dropped xD. The Steam Deck is a great-looking device, but it's something Sony makes no money off of, they can't control the hardware in it or its design, and it'd require a metric ton of ports to enable the entire PS4 library natively playable on it.
All things Sony can enable by making their own (legacy-centric) portable device that, hey, maybe some devs decide to continue target spec-wise for new games in the future (smaller devs would love that).
Maybe not you, but others around here seem to be under the impression that Sony's games are their property, and that only they are entitled to them.
I think you're confusing Sony fans with Nintendo fans.
Let's all agree that the fact that there will be a better version of the most proud exclusives on PS is hard to stomach. Having said that, it would make sense that someone would mitigate that reality by saying it will not release at the same time the exclusive comes out, so therefore the PS version is still the better version by default because it's available to be played immediately. That's a cope mechanism. The actual wish is that the exclusive will stay only for the PS platform and therefore the best it could ever be. Now this is no longer the case and so a big loss for Sony fans that relied on the exclusives to only be played on the PS hardware.
It's been that way for four generations though, 20+ years, so it's not like that expectation is going to flip overnight. It will take time, a lot of time, and Sony have to be careful about how they go about it because it could have negative impacts on their hardware and subscription service sales.
After all, if I can say "hey, TLOU3 Day 1 on PS5/PC, AND the new MP too?!?", then why would I get a PS5 for those games or a PS+ sub when I can get a PC and not pay for online play? AND have access to all the mods?
Sony would need a magnitude more sales via PC than they traditionally get from console in order to make up the potential difference in lost revenue on the console side. They don't have the infrastructure on PC yet to handle that.
This is the exact reason why Sony needs to lean into GaaS. Their single player AAAA model can only carry them so far and is risky when you get a misfire. You can’t evolve it and generate new revenue when it’s a single player game.
TBH if anything Sony needs to double-down on the things that make them most unique compared to their competitors i.e Microsoft, Nintendo primarily. And one of the most critical in that regard are the heavily story-driven, narrative-focused big-budget AAA marquee games. There are arguably no other publishers in the industry who can really compete with them in that style of game when it comes to the whole package, outside of maybe Rockstar and Ubisoft (and the latter is very much open for debate).
If GaaS live-service focus starts shifting Sony away from what makes them unique in the market, what makes them stand out and what keeps them connected to their software lineage, they're going to suffer heavily in the long run. Don't chase after competitors: differentiate yourself. That's the mistake Sega made, it's the mistake Nintendo mostly avoided, and both of those were at the time Sony entered the market as a platform holder!
We know more about Sony's live-service GaaS games in the short/mid-term in some ways than their third-person, story-driven action/adventure single-player epics and that's slightly concerning. There have to be viable alternatives for reigning in the budgets that don't lead down the path of scaling back on the amount of those games and filling out the majority of some hypothetical future lineup with GaaS live-service titles.
Not that Sony are in jeopardy of that right now, but it's always going to be a concern with some people in the back of their head until we start seeing the results of their first few big live-service GaaS titles and how that (in practice) affects their known marquee output (if it does at all).
