The thing is. Nobody is talking about PS5 as of now. Well, they are. But only is the context of it likely to be weaker than XSX. I totally get that things will change once they have their blow-out, but if you think the XSX reveal was weak, in terms of market perception, you are totally wrong.
The Game Awards was THE XSX REVEAL awards. Nobody is talking about anything else that happened on the day other than the reveal. Most mainstream gamers don't even know who won. The only reference to PS5 coming from that event was how Godfall, the only PS5 game there, looked terrible compared to Hellblade 2. This isn't my opinion, this is "the narrative".
The worry is that with all the changes up top at Playstation and the corporate in-fighting that led to the culling of Shawn Layden (it was not a peaceful transition), those changes happened at a time when any platform holder is most vulnerable, the generation shift. Any changing of strategic direction or in-fighting can lead to a muddled strategy, which can translate into a box and software that has been pulled in too many directions. This happened to MS last time.
Sony, as a company, have been responding to the market in recent times, whereas at the start of the generation they led it. MS went through this up until about 2017 when the strategy seemed to have been agreed internally and they set course. Everything MS has done since then has been in pursuit of that strategy. The amazing software released by Sony in 2018 started development right at the start of the generation, when they were at their strongest. Their pipeline then began to slow.
Hopefully Sony will indeed have a barn-storming reveal. I certainly hope they do. I'd be very disappointing if they fall into the trap previously occupied by MS though, by just churning out sequels e.g. God of War 2, Spiderman 2, Horizon 2. That'd be Gears, Halo, Forza all over again, only less diverse.