I don't think it's so much that the releases aren't there, it's that the form they've taken is off.
I agree with you about few exclusives and extremely limited new IP making the console scene very dry in this era, those are good points. That said, I think the dearth of triple-A releases is 'a thing', asides from God of War, Resi VII and a handful of others, there's been very little in terms of big-gun games outside of the Destiny-type... stuff. Looking at the release schedules now, there's everything from Ace Combat, Dragon Quest, Dead Island 2, Jurassic World Evolution, Kingdom Hearts, Ghost of Tsushima, Spider-Man, Code Vein, Metro Exodus.. That's the sort of game that's seriously been lacking this generation. (Not that I live for big-budget triple-A, if anything I prefer quirky and niche titles, but after several nibbly meals in a row it's nice to sink your teeth into a steak).
It doesn't help when game companies, as they always have done, chase the latest fad and declare everything else 'dead'. You've got the moronic press chorusing (a few months ago) that single-player and story-driven games are dead, this week Vampyr shot to the top of the UK charts. Duh. It's true that companies are trying to catch the Fortnite train long after its left the station, but as with MMORPGs and MMOGs, FPS games etc. etc. there are one or two winners and a stack of losers. Thank god the likes of Namco Bandai, Sega, Koei Tecmo and From are stepping up to fill the gaps left by the likes of EA chasing dreams and former heavyweights like Capcom and Konami just... doing whatever the hell it is they do these days.
With Limited Run and their ilk adding more physical releases, eventually the PS4's library should resemble the PS2's - most genres well represented and lots of off-the-wall games that defy genre rules. I just don't want to think about sinking £400 into a new box when the current one's far from done.