What you're missing is that gaming as a whole >10x'd since the genX/millennial heyday, so consoles are actually more popular than they were 20~30 years ago even if they are a smaller portion of the overall pie (PS2-as-a-DVD-player notwithstanding).
This is a theoretical maximum in a specific USA-centric bubble.
Consoles (and gaming in general) is just not a thing for teenagers anymore.
Gaming is gonna go the way of the electric guitar. Remember when guitar was actually cool and not just a midlife crisis marker for tired middle aged men?