Here's my 2 cents.
As long as a good gaming PC (new) costs well over 1000 USD (really good ones are generally 2000+ USD) on average, there will always be a place for consoles. Sure, the cost of consoles will likely go up in the future, but so will PCs. While, we're currently in a non-normal situation with coronavirus and crypto-mining, the reality is that a PC graphics card with equivalent performance to a console has a cost far higher than a console (and that's ONLY for the graphics card) currently.
In such an environment there will always be a market for a smaller, cheaper, and less complex gaming console. While something like the Steam Deck closes the gap somewhat in terms of price, it comes at a significant reduction in performance compared to an equivalently priced console.
IMO, if gaming consoles are to be rendered obsolete, it won't be the PC that does it. The only way consoles will be rendered obsolete is if Mobile devices end up offering a similar gaming experience, at similar fidelity and at a similar or lower price compared to a home console. That's the gaming environment that consoles should be worried about, not PCs.
Some might argue that cloud gaming is a threat to console gaming, but I'd disagree. There are so many drawbacks for cloud gaming compared to console gaming, IMO, that it's more of a complementary experience than one that can realistically replace console gaming for the vast majority of console gamers.
Regards,
SB