I completely disagree, we were stuck with the 360 and PS3 hardware for FAR too long, Compare how fast things moved back in the 8-bit / 16-bit / 64-bit days...
People were spoiled by having those consoles for too long and in my opinion, the industry as a whole paid the price.
The graphics stagnated and it hurt the progression of graphical fidelity, and instead all they did was try and eek as much as they could from the hardware, which always had a ceiling and had no real innovation. Keeping the hardware on a faster change / update cycle keeps them more current (even if they are behind still) and keeps the platform more up to date and gives people an affordable option for 4k and VR. (because lets face it, to build a 4k PC is going to cost a pretty considerable amount more).
Keeping consoles on a faster refresh cycle is a good thing. People have that kind of disposable income nowadays and it kind of makes sense.