Actually no, it's beacuse consoles are too slow. Not because PC hardware is slow, I argue that PC hardware is perfectly capable of running fullt path traced games with upscaling in 2022, and going forward.
And this is actually the norm in PC gaming, pushing the boundaries and fully utilizing hardware and APIs, it's only in the last decade or so that we've grown complacent under the influence of half assed console ports with barely any thing new visually, and with underutilized GPUs, CPUs and APIs.
We used to have a new version of DirectX every year, with new features and capabilities, we used to having multiple APIs, used to have very accelerated pace of new GPU releases every freaking year, all making the older versions obsolete .. From 1995 to 2006, there was a major DX iteration every year .. Since 1997 to 2009, there was a new NVIDIA architecture every year, same for ATI/AMD.
The industry was thriving. And people were constantly changing hardware, constantly running new things and constantly enjoying progress even if it runs slow on their current hardware, because tomorrow a new hardware will come along and make it faster. You think Doom or Quake or Unreal, Half Life, FEAR or even Crysis ran well on old hardware of their time? Or course not, these pioneer games were continuously pushing boundaries and urging PC gamers to upgrade. This was such a common occurrence in PC gaming that people grew accustomed to upgrading their hardware once a major release comes along, be it Doom, Far Cry, Battlefield ..etc.
But consoles made develolers complacent, less inclined to make bleeding edge tech, and PC gamers grew complacent as well. Demanding new titles to run well on old hardware, and not push any boundaries, people grew accustomed to seeing their fps fly on basic level visuals rather than enjoy the thrill of a new tech every year.
Rest assured, this was not the norm in PC gaming, I argue this is just an anomaly. We should be getting back to the old norm, sooner or later.