https://wccftech.com/playstation-5-xbox-series-x-mid-gen-unlikely/

The current console generation was marked by the release of mid-gen consoles that offered 4K support and increased power over the base models. This is unlikely to happen for the PlayStation 5 and Xbox Series X consoles, according to former Xbox Executive Albert Penello.

Speaking on the ResetEra forums, Penello explained why mid-gen PlayStation 5 and Xbox Series refreshes are unlikely to happen. The PlayStation 4 Pro and Xbox One X were more of a necessity due to 4K displays becoming rapidly more mainstream, as the base models were designed driving 1080p output. As 8K displays are unlikely to become more mainstream in 3 or so years, there may simply be no need for a mid-gen refresh this time around.