Games need graphics. It's just a simple fact. Even text adventure games require computational power, the ability to map digits and letters onto the screen in fixed locations. During the fifth and sixth generation of video game consoles (the PS1 and PS2 era), games were overwhelmingly limited by the hardware they ran on. The PS2, especially, was incedibly fickle with what games could run on it and how well they could be optimized for the hardware. There's a certain resemblance to that era that we see in the current industry: Games running slow, even at low resolutions, being bottlenecked by the machinery they exist to be played on.
The landscape of the industry, on the other hand, doesn't resemble that era at all. We are constantly under assault from hardware companies trying to sell us on the Next Big Thing: motion controls in the seventh generation, then cryptocurrency, then VR, then machine learning, then NFTs (repackaged cryptocurrency) and AI (repackaged machine learning). Now, with the AI bubble just starting to burst, we can see that there are no more tricks left. Hardware has nothing to sell us anymore. Budget builds are more popular than ever. Consoles are a shortcut to being able to play just about anything, no matter how ugly and choppy they need to become.
And even so, the games are being made with the expectation that there will be more. That's the promise. That's the guarantee, from the hardware to the firmware to the software, that the industry will continue to exist. Games Will Look Better Next Year. Graphics Will Be Bigger Next Year. Ignore the fact that VR is a dying industry and that motion controls were thrown out with the bathwater. Overlook the fact that cryptocurrency tech bro bullshit is destroying the United States government. The games industry is here! It is real! And there will be a bigger console.
There will be more GPUs that can support bigger games.
There will be a spending economy that will let consumers keep buying them.
The PS6 Pro will let you play Monster Hunter Wilds at 4K 60fps. The future-tech Xbox of your wildest imagination will be the first console ever to receive Cities Skylines 2. And on, and on, and on. Lies, and lies, and lies.