I also kinda wonder if we're at a limit with graphics these days. I haven't gamed in a few months, focusing more on coding. But even when I jump on my Windows box, there's nothing that really screams "Man, I wish I could run this at higher settings cause it's taxing my 3080-Ti" ... like nothing. Some things might run at high or medium instead of ultra, but like who cares?
I'd rather play older games on my hacked PS4. And when you look at the console market, AMD dominates with their chips (exBox, PS4, PS5 .. all AMD GPUs .. I think they're all AMD CPUs too?)
I'll admit the PS5 does look really nice, but it's not the same generation jump. I don't think the 50x series will be either. I think a lot of people who are queuing up to buy it either have really old 10xx or 20xx cards they're finally upgrading, or they're just CONSUME whores.