Foe me 5 years cycle for consoles is perfectly fine, better then mid gen refreshes also next gen games can be played on old hardware with lowered specifications.
There is a reason why we have shifted from a 5 year refresh to a 7.
Diminishing returns on graphics and the price it costs to create a meaningful upgrade has increased as well.
The Super Nintendo launched in the us in 1991 for 200 dollars (447 dollars adjusted for inflation).
The Gameboy was launched in 1989 for 90 dollars (adjusted for inflation that is 222 dollars).
These prices exploded in the age of 3D graphics.
The PS1 launched in 1995 for 300 dollars (adjusted for inflation is 600 dollars). 150 inflation adjusted dollars more than the SNES.
The PSP launched in 2005 for 250 (adjusted for inflation is 400 dollars). Twice the price of the Gameboy.
If Sony launched a base model system today for 600 dollars people would flip their shit. So Sony and Microsoft have to cut corners to get a machine out at 500 and they're still taking a loss on it.
The PS2 launched for the same price as the PS1 and included a dvd player. It's no accident that it sold 150 million units. But Sony tried to course correct with the PS3 at 500 and 600 dollars respectively and people lost their shit. It's no coincidence that the PS4 launched for more money than the PS2. Sony could have released a machine similar to the wii u in terms of tech, and released it for 300 dollars, that machine wouldn't have been marketable though.
We're about to see the future of prices with the PS5 Pro. Will it replace the PS5 at 500 or will they launch it for 600? That's just 4 years after the launch of the PS5, but somehow you think they could release a significantly more powerful machine a year later for the same price?