I think it has a lot to do less with the hardware, but the IPs that were created. Mass Effect, Dragon Age, and Gears were a few of my favorites that launched during that generation (PS3, Wii, 360). As for the current gen, not really any big new IPs that I fell in love with or that had the impact those games had. The current gen has felt like it has all be sequels and remakes/remasters, along with some failed IPs (ie Anthem). I also would lump Destiny into the previous gen even though it launched across both, it was really a last gen game with nicer visuals on current gen platforms.
EDIT: To add this gen for Xbox only users has been terrible, even with established IPs. Nothing from Fable. Halo 5 was the only FPS Halo game, and it has a horrible story/campaign. Not going to even talk about the trash launch that was the Master Chief Collection (although it is much better now). Gears 4 & 5 were okay, but i'm not a huge Gears person. Mass Effect Andromeda was meh, even outside the terrible animations the story and where it was headed didn't feel the same as the trilogy. Dragon Age game was good, but is mediocre when compared to the Witcher 3 (which is probably my highlight game of the generation for me, and it was not a new IP). Battlefiled 1 was decent, but nothing compared to BF 3 or 4. So even a lot my favorites from last gen were let downs compared to previous gen. A lot of these terrible games I think were just poor developer/publisher decisions, the mass introduction of micro transactions and finding ways to piece meal content in for money instead of just making an amazing game I think contributed to a lot of issues. The original Mass Effect only worked because they didn't cut out content to serve as dlc, or exclusive platform specific content, and they didn't have someone breathing down their neck to meet some specific expectation or goal they just made the game they wanted.
