I don't know about that. The only reason Nintendo isn't part of the conversation is because they don't have an announced upcoming product. Their console lifetime has been "offset" by releasing Switch in the middle of the generation.
Of course, whenever there is a Switch successor, comparisons to PS5 and XsX are inevitable, just as Wii was compared to PS3 and 360.
Edit: I felt compelled to expand a little. I have long held the belief that Nintendo was in a really strong position to be the dominant force in this industry, they had everything lined up. They just gave it away, squandered it, flushed it down the toilet essentially, with brain-dead decisions. Even so, to this day they have the strongest IP in the business, their characters are Disney grade stuff, and all they really need to do to devastate is have a box that does everything XB or PS does, AND has all their exclusive games. It would be the de facto standard.
Unfortunately, Nintendo backed themselves into a corner and needed to get creative with gimmicks to keep the profits flowing. Once they lagged behind, they realized they would need to invest a ton of money in the online services, infrastructure, powerful hardware, etc. to get parity with XB/PS. They didn't want the risk. Nintendo's business leaders don't want all that cruft and overhead. They want to squeeze out a cheap game and sell 1m copies while never having to support or think about it again. It's an entirely different philosophy.
It works, and it makes them a common second console to own. They may not realize that, had they played things differently, they could be the ONLY console you need to own. XB games are on PC and I don't like the PS5 controller, so they would be doing me a great service by releasing a megaton game system, but oh well
