Yeah, could be part of it. People aren't realizing that even PC games are held back by console ports, so a generational jump will allow everything to move forward.
And people saying developers will balk at the expenses of going to 1080p with better textures/engines, you do realize that game company profits have never been higher in history than they are now, right? Gaming was one of the few recession proof industries. Yes, it will be hard for indie developers to stand out, but it already is, and they never sold on graphics anyways, they sold on innovation. So that won't change.
Actually games are held back from older PCs with ancient hardware and consoles, it is both most dfinitly
That is why we see games like Gears 3, Halo 4, Uncharted 2-3, GOW3-Ascension etc etc on consoles, with unbelievable graphics and far fewer like those on PC exclusives
In fact has been so many years now that i went wow in graphics from a PC exclusive, which means consoles are the last thing about games not using PC top hardware fully, otherwise all PC games would look like FF 15 Agnes and they dont
The only way we move forward is the lower end across platforms become a GTX680 or better, like 8800 was the lowest end for this generation (and still largly is)