Sony is bouncing back because they're up against next gen in light of a very prepared Xbox division. Last E3 they backed out because they blew their load and had nothing to show.
TLoU2 is a big title. Noted. But Sony wouldnt look as strong up against Microsoft with a weaker next gen console. This would actually make two consoles in a row. And you add to the fact that Microsoft has once again beat them for the power crown (at the beginning of a new generation no less...) makes the message very clear: MICROSOFT ARE BETTER AT CREATING HARDWARE DESPITE SONY'S BEST EFFORTS. Be it 9tf or 10tf - Sony for sure wont have power to tout about.
That's why loosing the power crown at the beginning of a generation is a big blow, and one Sony fanboys are trying to sweep under the rug., and one Sony isnt wanting a spotlight on. Its disappointing - despite them trying to save face. We already got a taste of not only the Series X hardware but, what its capable of with Hellblade II. The whole gaming community felt that one two punch! And that was just the beginning, E3 will show Halo Infinite (probably in real time), Forza 8, The Initiative's new game, Playgrounds new game and a few others with that 12tf glow coming later this year. This includes new Ip's. Not to mention Gamepass and what new hotness gets released there and the addition of a very competent Xcloud rolling out across the globe. That's a lot of heat there, bruv!
Sony's trying to control when and where they release their next gen info to keep from looking weak in the face of a competitor in whom they had rule over this entire generation. It wont be that simple nor that easy this time. Them backing out of E3 is trying to keep the momentum they've built up over the current gen. They could realistically loose that -- especially at the start of a new generation. The Scoreboard is wiped clean. It's anyone's game again.
You are way overestimating the value of the "power crown", and underestimating the importance of momentum and price-point.
And no, the scoreboard isn't getting wiped clean. More than ever its about continuity due to the fact that most users are sat on years worth of digital purchases that will in all probability be playable in enhanced form on the next gen consoles.
So while MS are banking on *ahem" viral marketers on Forbes and the like trying to create a narrative that its all about power and the cloud, and whatever, Sony are banking on a triple whammy of huge AAA exclusives to keep their stock high and show that the best looking games of this gen are all on Playstation. Because come holiday season those games not only are still going to be playable on the new systems, but they are going to look even better.
Sorry, but Sony still appears to me to be a few steps ahead of MS. Their planning seems confident and sure-footed, and they seem to be extremely well prepared for the next gen. After all, who announced the key features of the new console gen first?