I wouldn't be so quick to make such sweeping generalizations regarding a device that's liable to have another near-ten-year lifespan. You wouldn't want to rashly make decisions that could have far-reaching negative consequences that last for many years and years.
For example, Unreal Engine 4, with its voxel tree-based lighting system. Alledgedly, this system gives great results at a high memory cost. Do we really want an entire new generation of consoles permanently unable to run any UE4 games effectively and with full fidelity, hm?
Or more in general, if the hardware resources to experiment with new rendering technology is lacking, then no innovation is possible, and gaming and gamers suffer as a result. Why would we want that? Just a bigger GPU doesn't neccessarily open any innovation doors in of itself. That'd simply be more of the same, not 'more of the new'.