The fact that developers have to cater to multiple platforms that have hardware limitations and different operating systems has led to worse quality of games of time. Console exclusives are anti-competitive, monopolistic, and they lead to a terrible consumer experience.
I think there are too many big franchises shaping the market. Some of them steer bad business fixations (see EA riding the licensed sports game MTX horse to hell) and most encourage a lot of me-too design (do we need another battle royale?)
Consoles worsen that with the Gilette model problem. Since most are sold at a loss, the vendor has to make it up on games, and constrain who releases software to those who will pay/revenue share for access. A galaxy of small devs and clever designs won’t even get past the secretary to see the guy who quotes the rate card.
To be fair, a huge appeal of a console for devs was the promise of a uniform experience. Every Xbox Series X Bellgrande With Chives is supposed to be practically equivalent, so you don’t have to worry about someone filing a ticket that the game runs weird when ran on an Athlon 64 FX-60 paired with a pre-production Intel Battlemage card.