We're at that point now. Hard to believe, but the PS5 has been out for five years now.

The reason it's not happening this time is because Moore's Law is dead. The original formulation was that cost of integrated components would be cut in half every x months. The value of x changed around over the years, but settled on 24. That cost factor is gone and probably won't come back without a major breakthrough.

There are improvements in the size of integrated components (which often gets mistakenly labeled as Moore's Law), but they aren't getting cheaper anymore.

There was a generation where it was true at the launch of the console. That's the period I'm talking about. Beating a 5 year old machine is hardly worth bragging about.