Their major studios -
Guerrilla released a game in 2022.
SSM - 2022
Insomniac - 2023
Housemarque - 2021
Sucker Punch - 2020
Sony Bend - 2019 (but LOTS of drama, Hulst-related drama)
Naughty Dog - 2020 (but also a major canceled game)
Just from this, you would think that SP, Bend, and ND would have something getting close, but two of those studios had problems (and yes, I think ND is lying about the resources they committed to Factions 2). So, I guess it's a combination of a couple of their studios dropping the ball but also, the fact is, they have released major, expensive, AAA, highly rated games recently. They can't operate with releases like they did on PS3, it's just impossible without lowering the standards people expect.