That’s not necessarily a bad thing, to use the phone metaphor, every improvement in one phone rapidly spread to others, so even budget phones have features better than the top of the line phones a decade ago.
Now game developers can go back to focusing on games, and console makers can focus on trying to make better consoles without having to blow ludicrous resources on supporting developers or just making the thing work, they just rely on amd making better chips which seems to have worked.
I totally get where you’re going, and I agree we need that macro-innovation as it were, but games were a nightmare of hacks and bullshit for decades, I think a period of consolidation is good right now, then we can start the whole race all over again with crazy new tech.