In the UK at least there’s a persistent cost-of-living battle being fought, so we’re not spending as much as we were, and large game production has reached a tipping point where the number of purchasers aren’t growing but costs are increasing, so: studios contract; or games are taking longer to make; or games are made with a smaller scope. So basically, there’s less to upgrade your console for.
I mean, for me personally, everytime I think of upgrading from a Series S I find it hard to justify because most games run quite well.