They haven’t announced a new AAA 1st Party game since Wolverine in 2021. 3 years now.
That's simply not true. Just at their own last Showcase last May, Sony announced Marathon, Fairgame$, Helldivers 2, Concord, and the PlayStation Portal hardware (and in the past have announced and launched the PSVR2 and its games, plus TLoU2 and Spidey 2 and Stellar Blade and other stuff.) Looking at the
PlayStation Studios slate, eight have released products in the last three years and then we do know of and have seen the next new games for six of their 16 production teams (minus support studios.)
...Problem is, little of what they've announced has been the great big blockbuster (aside from Spider-Man 2) that people are antsy for. We want the next huge Santa Monica game, the next Naughty Dog new blockbuster, that kind of big big stuff. That's happening, but slowly, we ain't got it yet.
It sucks that we're not getting bangers every year like we did in the PS1/PS2/PS3 days, but it's reality. (BTW, this slowdown was already apparent in the PS4 days, and PS5 is even slower but
not too different if you look at the total PS4 release slate.) And it's not uncommon compared to other publishers and its competition hardware makers. Publishers just aren't a one-stop shop for all your gaming needs anymore. Sony and Nintendo and Microsoft aren't going to make all the best PlayStation and Switch and Xbox games you buy all year long. (Sadly, even
Nintendo is challenged to keep the hose running, even without its "second pillar" without a dedicated console/handheld split.)
I mean, to be clear, I hate the current state of game publishing, and am frustrated as anybody that PS5 & XBS aren't always delivering at speed and on the level that I imagined seeing their announcements in 2020, but reality is what it is. "Announce more stuff" isn't reality; what they have is what they can make under their current market plan/budget/timeline/market saturation/sales expectations, and how long it takes to make it determines how soon they can announce it.