I don't think people commenting here realize how expensive gaming GPUs have become. A top of the line RTX 4090 is upwards of $1700. A mid range card that can play the latest AAA games at a decent resolution and frame rate (say RTX 4070) is $600-700. And if you're building a PC you still need to buy everything else around the card.
Yes $700 is expensive for a console, but that's just what the market rate is now.
Yes $700 is expensive for a console, but that's just what the market rate is now.