Sony is hinting at a mid-gen refresh. That’s far from “nearly done”. Also the response to that news has been lukewarm at best. We just started getting PS5 exclusive titles this year. Nobody is in a rush to upgrade when almost nothing on the PS5/XSX generation has felt hamstrung by the hardware.
I think if they drop a PS5 Pro it will bomb, outside of a few enthusiasts who want better 4K60 performance, and those people would most likely spend the money upgrading their gaming PCs instead.
This truly is the first generation where we’re 4 years in and it feels like we’ve barely scratched the surface. IMO we have another 4 years with the PS5, plus a 2-4 year overlap with the PS6 in terms of support.