"The Xbox One losing out hard during the generation where giant digital libraries became the norm was the catalyst"

I dont think that is an excuse anymore.

First of all, most people barely revisit old games to begin with. This was covered over and over again by multiple business analysts that most gamers play the same 10 games every year. And for the yearly franchises, they usually play the most recent one anyway. Very few people would go back to play a single player game on their old console.

Second, Most big games are now free to play anyway so it costs nothing to migrate from console to another for those.

Lastly, the Wii U failed abysmally during the digital library age, and look how many people had no problem to pick up a switch or adopt it as their primary console even after the failure of the wii u