Although we still number consoles, in a lot of ways we did get our “tiered” console structure.
Take most people’s daily plays, and I’d say about 90% of them or more have an edition available on the prior gen console. And it makes sense when so many of those games have relatively basic graphics - and when game engines have gotten better at scalability.
So, those consoles are neatly serving as a low budget option for a lot of gamers that can’t follow all the latest and most expensive games. Yes, some newer releases will be fully excluded; but even then, getting a brand new or used Switch or PS4 can introduce someone to a huge number of games if they haven’t been exploring options.