I think that "Play the same games, but with marginal improvements that you may or may not notice depending on the TV you bought and your sensitivity to framerate/resolution" is not a great way to sell $400-$500 consoles. Especially in an era where products like the Switch or XCloud are offering legitimately new ways to play. They will ultimately do fine with something generic like "Playstation 5", but they ought to lean into a concept like VR or cloud gaming or something a bit more inspirational and game-changing.
It is a good thing that it isn't called "PlayStation but with marginal improvements". Names are just that, names. It is the job of marketing to actually sell the console. Sony doesn't need to add confusion to their brand with a change of naming scheme.
Creative or cutesy names are fine and dandy, but ultimately pointless. The Switch isn't selling because it is called the Switch and even Nintendo has shown that the entire point behind the name (switch from TV to Portable) isn't all that important with the (doesn't) Switch Lite. The Switch could have been called any number of things and been just as successful because Nintendo was able to market it properly without introducing brand confusion (see Wii U).
Microsoft didn't want to get into the business of being Xbox + n because they didn't want to deal with always being a lower number than the PlayStation. They felt, and are probably correct, that the general market would be confused and think that Xbox 2 is inferior to PlayStation 3.
Even Android appears to be moving away from their snack based name scheme and just on to numbers. Numbers are easy for the general consumer compared to disassociated names. If you didn't already understand their scheme you would be confused if Oreo is better than Lollipop. Sure we may understand that it is alphabetical and that O is more recent than L, but does the average person know this? The average person does, however, easily and instantly know that 10 is more than 9.
The job of the console name isn't to inspire, it is to quickly let you know that this is the next generation version.
