It was definately something that made sense at the time, as it beat the PS3/Xbox 360 and going with Bulldozer cores would have meant more heat, bigger coolers and higher wattage PSUs, all of which would increase the cost of the consoles.
The fans on an Original PS4 can already get plenty loud, hell, even my PS4 Pro can get fairly loud depending on the game.
It will be interesting to see how the Sony/MS go with the PS5 and Xbox Next (2?), as Zen makes a lot of sense. Stronger per-thread performance would be great for future games, but going for eight cores again would make for a fairly big die when combined with a big GPU.