The industry would never go backwards to being more focused on physical media. We are slowly headed more and more to an all-digital future in media. I don't know when it will happen, but at some point physical media as we know it will likely cease to exist. But who knows? It could take forever to happen seeing as vinyl records and CDs still exist, granted in limited quantities, but collectors still want the physical media. I know I for one am a physical media gamer. I still buy CDs for my favorite bands' new albums, and I still buy physical DVDs for my favorite movies, and as far as games go if a physical version exists for a game I will buy it that way, no matter what. Even if it's limited or hard to find or if the price is more than digital. I only buy digital if the game is only available that way. I enjoy collecting.
So to answer your question, yes absolutely I'd buy consoles if they went back to cartridges or discs only. But like I said, we are moving further and further away from that. It sucks, but it is what it is. I really do miss the days where I could just get a game from a store, plug the cartridge into the system, turn it on and instantly start playing - no extra downloads, no updates, no DLC, no worrying about bug patches, etc. I still play my old consoles all the time. Nothing will ever beat SNES, N64, GameCube, PS1 and PS2.