It's more that a PC capable of playing games is something a lot of PC gamers are going to have regardless of whether the PS5 has exclusives they want to play or not. Its something they might go onto use for stuff like Blender or video editing or any other productivity based work. So the idea of dropping the cost of a GPU just to play exclusive games is not the most enticing, since it's not hardware that is going to do anything but be able to play games.

So console are cheap to someone that will not have a device that is satisfactory for gaming, but when you already do and will the price is steep. Since at the point you may prefer to spend that money towards more PC upgrades, or buying other hardware that offers something that is lacking in your set up like nice speakers or a VR headset or headphones or just save the money.

So for a console to catch the eye of a PC gamer I think the switch has actually done the best job. It's not just another display dependent hardware that PC owners already have and will have, but something portable. It offers a unique hardware experience that makes it more alluring to buy than just gatewalled games being what makes it stand out.