It was?
They hit all the right notes with that launch.
I think everyone pretty much agrees that the hardware itself, the pricing, and positioning were all great. There's no doubt that the PS4 immediately assumed the thought lead and became the go-to hardware for AAA games.
But when it comes to the software coming down the pipeline in the first year, it was a stumble. Ghosts is not regarded as a good CoD. Watch_Dogs was widely regarded as not living up to potential. AC4 was viewed as superfluous, Unity was the technical disaster. Destiny had an extremely underwhelming launch critically -- it's a testament to Bungie's hard work that the game's reputation recovered.
Sony had Knack (generally held to be bad), InFamous, and Killzone (generally held to be forgettable). Other major titles included Thief 4, Wolfenstein TNO, and Murdered: Soul Suspect, and I think a late port of Tomb Raider. SKU counts collapsed across all publishers. Major indie titles included Resogun (excellent), Outlast (also excellent), ports of PS3's indie games, and TowerFall Ascension.
Probably the only unexpected success in the first year of the XBO/PS4 was Middle-Earth: Shadow of Mordor and there were many unexpected disappointments
It was a rough transition for the industry and even though PS4 got all the third party support, it was a pretty anemic year in general.