Nice topic to which I'll add:
- Social Couch Context
- Unlike PC games which are played solo in front of a narrow desk with only one chair and a small screen, Consoles are placed in the social context of a living room with a large couch and a bigger screen, hence historically has always been more adapted to multiplayer (though lots of publishers and consoles have stupidly overlooked or abandoned that aspect).
- Standard Platform
- It's a rewording of what you mentioned, but the fact that all consoles are one standard hardware means lower production prices but also one same optimised version of a game for all consoles....
- Game/Media Dedicated Device
- Also a rewording, but the fact that you can push a button or a disc, which launches the game, or a blu-ray, with no compulsory logging, download, install and DRM, then the whole interface and functionalities being dedicated to gaming, make it a better, more streamline experience.
In fact consoles could be much more, like being the ultimate physical platform for a particular brand and catalogue (ie. full legacy library and backwards compatibility on one device) which only Xbox does, using the social context to their advantage which Sony tries with Playlink and PSVR but never pursed, or being a more versatile "multimedia" and creative device which Xbox passed-on by never integrating a version of Windows and Sony never pursed by having "creative" softwares (like Dreams, Music3000, Sony Studio apps) or experiences (like "VJaying" background for music playing, brand interactive content or experiental/art games).
But-
that is not going to be enough to avoid the unavoidable: yes console are going to disappear, all brands know it, they're even rushing for it when nobody has asked (except major industry companies and lobbies) with things like Xbox Pass, PSNow, the digital version of the PS5...they want to impose first a digital-only futur to cut all physical version production cost and then master the whole distribution and hold on libraries, and even worst, push towards a streaming-only future in which you don't own anything you buy and don't even run anything locally (making it unpiratable, unresselable, undiscountable...)
Because from a rational standpoint, consoles will be outpowered pretty soon by hardware that is released and evolving every year, gaming/gpu servers will little by little replace dedicated devices, and proprietary platforms (differing in services and catalogue) will eventually be a matter of choosing a terminal wether it's PC, TV, Tablet, Laptop, VR etc...
Is it the last generation of consoles? According to most, yes probably (except for Nintendo who might release a Super Switch), at least under it's current format. 10 years from now it's most probable that the "next generation" will be optional streaming and storage box for your terminal to access your preferred service/catalogue, something that you can also do with any terminal and app directly. So the futur won't be a competition between PS, Xbox, Switch, PC or Apple but rather a competition between Steam, PSNow, XBPass, Origin, Stadia, AppleArcade, Unreal, Uplay etc...