No, because higher power capabilities only produce shit games. Game developers are not longer restriced by "weak" hardware when it comes to their artistic visions (which hasn't been a factor for a long time anyway) - it's actually the other way around: high end graphical capabilities have been a major hindrance for game developers and their artistic freedom for quite some time, because making full use of all the billions of polygons literally forces them to produce ultra realistic visuals and restricts them in a big way. Publisher force developers to produce movie-like visiuals, which are too fucking expensive, too time consuming and worst of all, limit your gameplay choices, because otherwise they won't fund your project, and that's why every AAA game is either a 3rd person action game, 1st peron shooter or a cover shooter, uses Unral Engine 5, looks and sounds the same.
So absolutely no. Visuals and budgets have already hit a hard diminishing returns limit. If anything, what the market needs is a WEAKER new console - one that is deliberately forcing developers to spend LESS and give them limitations, so that they can be creative again (by trying to circumvent these restriction - maybe even with producing their own game engines again), in order to diversify the market and making games interesting again.
Such a weaker hardware could have the huge advantage of a very cheap price. It then would only be a matter of convincing gamers to buy that hardware, but that could be achieved with a very cheap price (still profitable, but very cheap compared to the big 3 platform holders) and through exclusives.
Such an efford would also need the help of certain publishers and developers. They should try a risk and dedicate a certain amount of money and development power to such a hypothetical new "low power" console, in order for the chance of it attracting a large install base. If such an idea would be successful, publishers, developers and gamers could profit massively from it.