1) - It's only late February right now, both new consoles have been out less than 4 months at this point.
2) - We're about to ~celebrate~ 12 months of covid19 related lockdowns, it's a miracle any games got finished or hardware manufactured
3) - The first year of a new console has been lacking for the last 3 generations now even in non pandemic launches
4) - in spite of this , playing tons of BC games at double the frame rate is still a pretty solid feat.
So I suppose on a personalized level it comes down to a few other things beyond those 4 points, why did *YOU* buy new hardware ? going by the OP , it seems as though you've played at least a half dozen games already, given you're of similar age to me that's actually quite the feat. I'm lucky if I finish 1 game every 6 months at this point. I buy new hardware because I'm into new tech , having access to shiny new games and such and playing older ones at higher framerates is a fun bonus. I don't care if a full blown exclusive that I really want isn't dropping until say the end of the year. Got WAY too many games to play through in the meantime. I never finished scenario B in RE2 , I grabbed RE3 cheap so I'll play that quick, I'm currently playing God of War for the first time. I've got a remastered spiderman waiting , Avengers gets a next gen update in a couple weeks so I can go back and do Hawkeye and Kate Bishops stuff. Resident Evil 8 is out in a few months , FF7RI shortly after that. Guilty Gear Strive too ! . I don't need exclusive mind blowing experiences really, I've already got a massive QOL boost in many ways going from a Pro to a PS5 and I know more games will be out down the road. Even looking to my back log - I never finished Last of Us remastered for whatever reason , Uncharted 4 / Lost legacy, Horizon Zero Dawn , hell even the Ratchet remake. I might give Days gone a try , down the road even play Ghosts of Tsushima.
By the time I finally get caught up on all the stuff I sidetracked there'll probably be a wealth of new games to try out so I can't say I'm underwhelmed at all. I'm especially impressed either the new console made it out the door in time for christmas considering point 2. Hell , it's also pretty surprising Microsoft managed to sell any units given they had 0 new exclusives until January. Ultimately having a place to play all your games more easily is the bigger win here and I can't be let down by that.