You're missing the point. Sure, they make more money on the consoles but that doesn't negate the fact that they do make decent money on the PC version as well. There is no financial reason to NOT release a PC version of your game if you're able to. Why would anyone say 'no' to more money and more profit?
Like i said earlier, the fact that the bulk of sales are expected to come from the console versions lowers the risk of producing a PC version - 'success' isn't confined to how much it sold on PC, therefore publishers are satisfied when the PC SKU sells anything between 500,000 to million copies (a figure that may not be very good for the console version).
So on one hand, they don't expect the PC sales to cover anything and thus be happy with 'modest' figures and on the other hand, the profit over making such version is pretty much "money in the bank".
Looking at NPD data, alot of consoles releases are doing mediocre numbers at best,nothing that is out of reach for a PC SKU, so i think there's lots of exaggeration in terms of 'PC games sell poorly, console games sell so much more'.
About the cycle thing, could be one of the symptoms of this gen being probably lengthened, or that publishers already invested so much and most of them are losing money that they are trying to target as many as platforms as possbile.