Here's a thought. What if with all these mid-gen releases or different models of the same thing....
... what if gaming is moving to more of a cell phone model. No one cares about the older model phones they had. What if eventually, there's a new Playstation or Xbox or Nintendo every year and the older ones become obsolete so quick that no one cares about them.
people where already complaining if a the ps5 or xbox series X where above a certain price point
Consumers don't want to spend as much on a console as on a smart phone. let alone yearly will at least have to stay for 5 years I'd say. would be insane if you'd have to buy a console yearly to keep playing the newest games.
people have priorities and while there is a market for upgrades like the ps4 pro. allot of people don't want them consoles to be to pricy voices have been heard. The need for phone upgrades is higher than for consoles allot higher. People use it daily, consoles are more of an extra not essential in life for most.
Otherwise aside from the yearly upgrades your right
Each new console gen could be seen as a new phone from the 7th 8th gen onwards. There is not much reason to comeback, consoles are pc's at this point. the older consoles will be seen as inferior and not much reason to comeback to compared to older generations wich stood out. with less and less exclusives to come back to.
The wii is the only exception of the 7th gen, since it's gimmick stood out and not much is ported I mean both the ps4 and xbox X are pretty much the ps3 and xbox 360 but better having pretty much all them older titles and improved them plus a ton more. yet the wii is still unique from the wii u and switch by a long shot. ps2 wii and xbox are the last console gens that weren't pc's yet. If where including japan titles xbox 360 was pretty nice though.
the wii u however is basicly overshadowed by the switch by getting pretty much all exclusives plus extra content, let alone that the wii u's gimmick of 2 screens is really forgettable, it has almost nothing that people will remember. There is no reason to buy a wii u over a switch aside from the cost wich isn't going to be an issue if these generations grow older and older. The switch has all wii u titles an actually great gimmick and a hell lot more and way better exclusive titles.
what titles are left after pikmin 3 wich got ported plus extra content and 2 player for main story
starfox zero, and mario trash 3d land