It's not like TV/CD/MP3/AAC/FLAC because it keeps changing and each new generation the cost of making a game doubles.
Studios can't be expected to make great games and keep on top of the endless 'good news' Cerny's spewing.
Imagine paying a guy to stay on top of all of these improvements instead of doing something that users will actually care about - and this is for a 'pro' console that's less popular than the last 'pro' console.
No PS console has ever been fully utilized by any studio to the maximum of its HW potential as they're all EOL'd well before any studio has had a chance to.
There are too many strawman claims and hyperbole in your argument.
Game development studios are not struggling because of console generations. They are struggling because of over ambition, teams that are too large and inefficient to meet said ambition, developer churn, poor pay, inflationary forces, greed to make the next big Fortnite, bloated single player games with pointless "content", never ending GAAS and (to some extent) incompetent people making it to the top due to braindead company policies. Some of the blame goes to gamers as well, who just want to play the same damn game for years on end. The attach rates are pitiful and we are to blame for that. The industry is not struggling because they are trying to keep up with Cerny. That's a totally made up issue.
Each new generation does not
automatically add cost to making games. If anything, it should reduce dev cost with fewer bottlenecks. Especially since the PS4. Nothing is EOL after that. Like
Mibu no ookami
rightly pointed out, since the move to x86 architecture, games are now forwards compatible with hardware and new hardware is backwards compatible with software. If a dev can't keep up with technical progress, they can still make wonderful games with their old ass engines. You can't look at Elden Ring or Metaphor and say that there is some pressure from Sony to get all devs to keep up with tech. All technological progress does is allow for devs that are feeling hamstrung by restrictive console performance express their vision better. They build these games on cutting edge development PCs that can do a LOT more than a console can. Most advancements in the past 2 console generations came from developer demand. Not the other way round. A developer is free to make a PS4 compatible game even now and if it's good, it will sell like hot cakes and scale well to PS5 and Pro if they used a decent enough engine. Nobody has a gun to their head to not do that.
And no PS console has ever been fully utilized? Have you spoken to any dev at all? They are constantly battling max utilization and bottlenecks, if anything. If you mean no dev has squeezed every single ounce out of the machine's capabilities with rigorous optimization, then I can agree. But why should that even be a goal? Who benefits from squeezing every single ounce? A console is simply a convenient fixed platform to put out your game on. Not some science project on energy conservation where they have to achieve near 100% efficiency.
I feel like your logic is all backwards. This is the first time I've seen a gamer wanting generations to last
even longer. Devs taking longer to make their games is a problem to be fixed by devs. Not the hardware manufacturer. We shouldn't be holding back technological progress because some greedy AAA dev wants to make the next big thing. Make something smaller instead and recalibrate expectations.