This is the story imo. For a large percent of people, basically everyone born after 1980, technology has always reduced in price and increased in capabilities over their entire life. If sustained, which if you start with the Xbox price increase it probably already is, this is a secular change in the market for technology.

I was wondering the same thing - I grew up thinking of console prices as something that invariably fell over time

PlayStation 5 has a price increase in August, 2022. I think this was the very first time this happened.

Xbox Series X had one in June, 2023.

Nintendo Switch (original) had a price increase last year.

I don't remember this ever happening before the 2020s unless it was due to retailer shortages or markups.