The issue is that consoles are staying the same for 5 to 10 years until there is a new model released. In that time the PC hardware can keep growing without any limits. Microsoft and Sony won’t release new consoles every year.
Another point is that consoles are actually not generating a lot of money. Sony and Microsoft are making the money with the games and software but the hardware itself is barely break even. There isn’t really a huge incentive to develop high end consoles hardware.