I think part of the reason is that games are made so that they load the CPU and tailor vertex count to sort of match the pixel load. It's never a hard transition between being limited by pixel count, vertex count, or CPU load, but the transition is indeed there.
When a game is targetting 30fps and your CPU load doesn't change much in the game, you might as well load the CPU enough to occupy 30ms per frame, even if the benefits are marginal. Polygon count is something console devs like to push, so there a good chance of not only having significant portions of a typical scene's rendering to be limited by vertex load, but some parts that are pixel limited would switch over to being vertex limited before getting, say, a 4x speedup from running at a quarter the resolution.