So my last console purchase (at launch) was the Xbox One X, and previous to that, a PS4 Pro.
The X launched November 2017, and presumably the next iteration (Scarlett?) will launch November 2020. So when thinking about value, that's three years to spread the expense.
So at $499 dollars, that's "only" $13 a month - which for the amount of time I spend / the enjoyment I receive from gaming, I can happily and easily justify.
If it meant getting better technology, I'm comfortable saying I'd pay up to $599 for a new generation console without question.
That's still HALF the price of a top-end PC GPU, and I'd rather have great than cheap when it comes to a device I'm going to spend a LOT of time with.