Specs aren't everything. It's Specs + Price + Availability that matters. For example a $600 console really would not be competing with a traditional console. It'd be competing with PCs.
more than that - there are 40m PS4 owners and many of those will not suddenly ditch the PS4 that they have their friends and digital libraries on for the last three years.
There is an element of 'what can Sony get away with if they are behind in specs' for a few years, because people are entrenched in Sony's ecosystem, and an expectation that Sony will do a Neo2 which leapfrogs Scorpio too.
Basically they'll both leapfrog each other every few years, and there isn't really a reason to switch to the other side and those reasons diminish over time as your investment in your current platform grows.