>>718020436 (OP)
The rate of technological progress has slowed down.
PS1 for instance went down in price as CD drives got cheaper to produce, and as microchip tech improved so much they could turn a bunch of chips in the console into a single chip.
These days consoles only have one expensive chip in them anyways, the manufacturing processes are evolving so slowly that there's not enough time in a single console generation to get any improvements, and the disc drives which are still expensive are already as cheap to make as they'll ever get.
Add to this the rapidly declining global economy, uncertainty in the prices of globally shipped goods due to trade wars, supply chain shortages first during the pandemic and then later due to every high-end chip manufacture getting infinite money for making AI chips instead of game consoles.