The real reasons is that making a real legit competitor from Scratch would cost at minimum $10 billion in investment and that's only for a ahndful of countries, modest marketing, and the rest R&D, production, distribution, and partnerships for the parts of the console as well as companies that can help put the machines in retailers and ship them around.
To be international like Microsoft and Sony, you'd need between $15-$20 billion. which may be better invested somewhere else.
Keep in mind this is before you actually launch the consoles, and doesn't include software development outside a couple games, so you will need more money to expand studios or buy studios, and more money for third-party exclusives.
You also need a few billion on hand incase it takes some time before your product catches on, if it does. If you have slow burning software and hardware sales for a year, while you're making games or working with 3ps to boost your software portfolio, and maintaining all the features of the console including updates and online, you could lose 4-6-8 billion in that period.
If you spend two years giving it your all, and you only just start to catch on and know you won't make money that gen and have to rely on the next console to be profitable, you could be in the whole 8-12 billion.
If PS3 only needed 3 years to lose $5 billion ONLY on the hardware and not including anything else which may have bumped that up to as high as near double the damage, than in 2022 there's a much greater risk of losses. Even if you end up the winner and go all out it could still be a $20-30 billion loss. For what? bragging rights? Sure, now that you're established the next hardware may be more profitable but that's still a loss that's hard to accept.
Then you have to pay your employees and developers, deal with contracts, Xbox was the last entrance in the traditional console industry, they with just a small issue with Nvidia, combined with their at the time beginners software investment lost $4 billion in cash. Sega when they discontinued the Dreamcast lost about estimated $1-2 billion.
The only reason you'd want to enter this industry is because you have a great idea that you believe will be attractive to a massive amount of buyers, or you want to try and strike one of the other guys out. This hasn't been a party someone can drop in at since 1992, when the 3DO was being designed and needed to partner with a manufacture for the console to even exist and ship to stores, which was also done with Apple and Bandai, and also done with others.
That's why when people talk about a new competitor I say keep dreaming. It'll be some weird hardware connected to a streaming service, a games on demand service, or another Android consoles.
Remember that kickstarter Android consoles that was supposed to wreck Microsoft, Nintendo, and Sony because you could play the more higher end android games on a TV with a touch-screen style controller? Even shipped to retailers like Target, and I bet most people don't remember what it is, as I type this I've even forgotten the name of it at the top of my head.
Those are your only competitors.
gamerant.com
