Sequels galore, milking franchises from past gens. And those games were already in development years ago.
The only truly great new IP, Returnal, was considered a failure, and its game director left the studio after 14 years there. They arent working on a sequel.
The GAAS push was 100% on Ryan/Hulst, and despite Helldivers being the only success, they are to blame for wasting 4 years of Naughty Dog's development time by pushing Factions to be made. They are already rethinking their strategy and this is why Sony studios have been radio silent.
Sequels galore? Dude, that's literally the fucking reason why they invested so heavily into new IPs towards the end of last-gen, so that they could use their much-anticipated follow-ups as system sellers of the current generation of PlayStation.
Also, Returnal wasn't consider a failure, don't fucking lie. PlayStation executives, including Hermen Hulst himself, were on the record saying that they considered Returnal a success and that they were extremely happy about it, to the point that they went and bought Housemarque months after, moved them into bigger offices and are having them now hard at work on their most ambitious game yet.
Also, you don't get to fucking complain about Sony being a sequels machine and then bitch about them not doing a Returnal sequel, like, have some bloody consistency.
Regarding Naughty Dog and The Last Of Us Online, it was the studio's call to scrap Part II's multiplayer in order to pursue a standalone multiplayer release of a much larger scope, since TLOU's MP was a passion project for many folks over at the studio. That said, it was clear that such title at that scale was incompatible with the way Naughty Dog operates and their obligations towards their singleplayer projects, which took Bungie to come over for Sony to realize since they didn't have much expertise in the live-service space (that being the rationale behind Bungie's purchase), hence why they canned it and why Bungie's know-how turned out to be precious in this regard.
Shit happens. If they had gone ahead and released it at the expense of not having any singleplayer Naughty Dog title this generation, I bet you all would be bitching about that instead.