Just goes to show how thin the margins are, really. I wonder if Sony is still in a financially precarious position.
The PlayStation division shifted gear in the second part of the PS4 life cycle and achieved a new level of profitability never reached before.
SIE (SCE) was never as profitable as it is now (see graph below).
SIE management (but the same is valid for Nintendo and Xbox) had to decide how to counter the foreign currency fluctuation and the rising costs.
Historically a console manufacturer is ready to eat losses from hardware to gain from everything else connected to it which is profitable (first-party games, royalties from third-party software, subsciption fees, services, MTXs) therefore it's in the best interest to earn less early on to foster a profitable platform down the road and because increasing the MSRP of a product is hard to justify to the eyes of consumers.
SIE management had to decide if eating the losses themselves (which wouldn't automatically mean the division would get in the red because SIE is highly profitable but would mean they couldn't achieve the same huge profits) or pass the costs to the consumers around the world hoping they are dumb enough to not punish the move (I'm not talking about short term sales cause PS5 is stock constraint but the possible harm to the long term mindshare).
So the decision for Sony was between getting screwed by investors or screwing consumers and hoping to get away with it.
They chose the latter.
Recently a sort of console (even if a new kind of) like Quest 2 got a price increase too.
However for Meta the situation was very different from Sony, Facebook's VR division was/is losing many billion of dollars each year and the hardware was already likely heavily subsided to "buy" marketshare early on.