Consoles are pretty serious about effective cooling. There is definitely price pressure, but that's not a one-sided thing -- you need to make sure that the unit lasts long enough, and that its cooling system doesn't generate too much noise for the environment (typically a quiet living room). And then you need headroom for envrionmentals (e.g., being stuff into the back of an entertainment unit next to other equipment). The current generation of consoles are quiet compared to the last generation, and more powerful.

Cooling "needs" have to take into account the whole product and user experience, not just keeping a single chip from melting down.