Older gamers probably are getting tired of lengthy games. They probably have other things going on outside of consuming entertainment.
Younger gamers are more fickle as well as Tiktok to contend with. Other hobbies as well, but Tiktok is undeniable. Kids would rather watch tiktok than play a videogame with friends even in a physical social setting. Very sad.
Money is also a big factor, which I think Sony is suddenly losing sight of.
And appeal. Genshin, GTA, Pokemon all have an appealing look and feel. Some games are rare exceptions, but to think an unappealing game like Concord or Avengers was gonna fly is absurd. Avengers should've been a shoe-in if not for the Btech Bootleg designs.
There are many things to look at inwardly and externally. A big one is stop chasing trends, devs are almost always too late on it.