I believe it's just inevitable. Same way we don't get double the performance out of each new generation of graphics cards, the faster you get the harder it is to get more speed.
Ignoring the Matrix Experience, which is the promise of what is to come, I think the design of this generation of consoles has been focused on eliminating many of the shortfalls of previous generation's hardware limitations.
Most games are nailing 60fps, some offer 120fps or intermediate 40fps on 120hz displays. Many at doing framerates above 1440p and some games are closer to 4K native or using reconstruction techniques where it takes an effort to tell the difference between native and reconstructed. Right out of the gate this gen, Insomniac's Spider-Man Miles Morales on PS5 was doing near 4K 60fps and 30fps 1440p-ish with RT, then a few months later a 60fps RT option came out. Draw distances and vast amounts of geometry no longer tank frame rates.
It's a massive array of improvements across the board but few of them are
in your face. The new consoles are stupidly more powerful than last, more flops, and
better flops (as in better operations that run on the GPU), smarter and better use of RAM, fast I/O meaning RAM is full of useful data and actually decent CPUs.
Like every previous console generation, it will be a while before devs really start tapping into the new hardware. Is was the same on PS2 (compare GTA III to GTA San Andreas, God of War to God of War III), it was the same for PS3 (compare Uncharted to Uncharted 2 or 3 or The Last of Us), and PS4 (compare Infamous Second Son to Ghost of Tsushima, or The Last of Us Remastered to The Last of Us Part II, or AC Black Flag to Unity).
In the first couple of years of every new console generation (incl. PS1 - compare original Tomb Raider to Tomb Raider IV), devs are only scratching the surface. It takes a while to acquire the experience to really make the hardware sing. Everybody who was expecting PS5 (and Xbox Series) to "blow the bloody doors off" in the first year is ignoring the four previous generations of 3D consoles.