Honestly the Switch 2 is the only future console I have any excitement for.
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I’d say even PC, in terms of hardware, has plateaued. Many PC gamers are staying on Nvidia 1080 and 1070 cards, because gaming just hasn’t moved up past that graphical level - and it really shouldn’t, because quite a few human eyes just can’t see much detail beyond then - and developer budgets quite often don’t catch up to make use of all that excess hardware.
This might mean we effectively stay with the PS5, or even the PS4 generation, for quite a long time, while still generating ideas with what we do in that level. Probably the biggest thing we have to do now is control gaming budgets better. Try watching the credits of any Ubisoft game, and think “Someone approved all of these hires.” Meanwhile, rewind to Half-Life 2 and they played through the entire credits of the game during the opening sections without it taking a half hour.