Call of Duty has been basically the best selling game of the year since 20 years ago or so and they release at least a game per year. No Sony IP can compete against this by itself because they don't have an IP of that level of success and frequency.
I don't remember any SOCOM to have great sales. So no, it never worked and don't see why it should work now.
If Sony wants to create something to compete against CoD even if without yearly releases of the same IP, I think they should do it with a combination with Destiny and new IPs coming from Bungie, Firewalk, Deviation and Arrowhead (teams that they should buy if the ABK acquisition gets completed and if their current projects are promising enough) plus maybe some isolated shooter from Guerrilla, London Studio or Firesprite. Or who knows, maybe even TLOU Online could end being a very successful MP shooter.
Instead of competing against CoD with a copy of the same formula, I think they should compete against the MS shooters group with different appoaches to the shooter genre providing somewhat equivalents but without directly copying their formulas but instead evolving them. To have their own evolved and highly twisted versions of Halo, Gears, CoD, Doom, Overwatch, Fortnite and Rainbow 6 Siege. Something somewhat different but that can appeal to the players of these different shooter approaches while adding Sony specific flavor (maybe mixing their narrative approach and single player experience in the MP).
CoD, Doom, Quake, Overwatch and Wolfenstein may end being exclusive, but considering Destiny and all the other current multiplatform shooters Sony has the genre more than covered but they should ensure they don't depend on 3rd parties for it and in addition to Destiny they need more 1st party big guns in the genre to cover the different subgenres.