The Times were different 5 Years ago than Today.
From my feeling the Prices gone rapidly up for Food, Clothing and other nessesary Stuff that you need for Living for 2 Years now, and Prices are still increasing, that wasn't the case when the PlayStation 5 released. People have nowadays less Money to spend on Entertainment Devices.
But that's absolutely my Opinion
I also don't think $500 Dollar for a new Console is to high, and Nintendo sold 15 Million Consoles in the last 6 Months, which isn't Bad