It's the ultimate DRM for games, you can't crack a game's copy protection if you can't see it's binaries. You can't data-mine the locations of valuables if you don't have the map data. You can't leak unreleased assets ahead of their marketing debut if you don't have a copy of the assets. You can't expose all the Easter eggs by decompiling if you don't have the code. With subscription and premium currency models those abilities can all be interpreted as lost revenue.
The markets for people buying $400 consoles vs buying a $20 HDMI stick and a $15/mo subscription are very different. After the colossal (and to me, surprising) rise of mobile gaming I think the latter might be where the real money will be 10 years from now.
They'll address the bottlenecks on the data center end. I'm pretty sure you can list a dozen problems that make it prohibitively expensive right now and for every one of them some Microsoft or NVIDIA engineer can tell you how they are working on engineering away that problem in a couple years.