Take a look at RGT latest video on PS5 Pro... Interesting
Interesting video. I think it really depends on what the caperbilities the new game engines, feature set and current gen systems really are.
Because of diminishing returns more and more hardware power may be required though.
However there is not really a demand for mid gen systems at the moment and because of this and covid, sony and ms are maybe just better off not doing mid gens.
Im pretty against mid gens, i got suckered into the ps4 pro and 1X because my tv broke and getting a 4k tv i felt my experience would be comprised on the base consoles.
The only time where I think new hardware is necessary is when the technical issues effect the enjoyment of the game, last time this happened was towards the end of the 360 gen and far cry 3 was a jaggie stuttering mess.
The focus on better and better visuals just seems like a strategy to get people buying more and more tech, NINTENDO WERE RIGHT!
I would prefer devs focus more npc + enemy realism and world interactivity the progress in this area is not the best.