Well I'm watching a pretty big Twitch steamer right now and they had an, uh, interesting conversation on console gaming.
Actually it's two streamers, and one of them talked about how they moved from playing on PS4 to PC in 2018 and haven't looked back since. The other moved primarily to PC more recently (this generation), but they just outright said they have a PS5 that's done nothing for them this gen. They were also looking fondly back on PS2 & PS3 (specifically PS3) talking about how it seemed like there'd always be a great game to play on it, even if they weren't a big game.
What I'm willing to safely add on top of that is, that person was probably thinking of exclusives (genuine exclusives) not on other platforms like PC. And therein reveals a big problem in SIE's multiplat PC strategy this gen: more and more once console-only or console-primary gamers flirt with PC before going fully into that direction, and then suddenly systems like PS5 feel redundant when you get virtually all those games on PC (mainly, Steam) or wait a bit to get SIE's 1P games on PC (especially if you don't have FOMO for those games).
I was also watching the Twitch chat and a LOT of people in the chat agreed with their sentiments. Again, these are notable Twitch streamers and the audience they have are the type that platform holders like SIE need to court to keep the PlayStation install base healthy. And they're losing more of these gamers to PC over time. A lot of these gamers don't need balls-out amazing performance to play games at suitable fidelity levels, they don't even necessarily care about having "PS5-level" graphics, when they can play something like Fortnite at 240 FPS for a competitive advantage alongside KB&M, like a lot of their favorite content creators and streamers.
With the current strategy SIE have, unless there is decent console uptick in emerging markets (and even there, PC is still a very viable option for them or the absolute dominant gaming option sans mobile), I do think they are going to run into some major problems sustaining install base for PS5 (let alone PS6) comparable to past PlayStation consoles. And the craziest part is, like Microsoft, the vast majority of the problems contributing to that will have been self-inflicted, not because consoles suddenly became out-of-favor with more gamers.