A good argument could be made that the PS5 has been Sony’s worst console generation in nearly every way. It’s only competition in that race is the PS3, and even that system got a second wind in the second half.
I can pretty easily make the argument that the PS3 was the best console ever made, at least from a hardware/user experience perspective.
PS3 came standard with a hard drive that was expandable with off-the-shelf replacements when its contemporaries didn't, allowing for hdd caching.
PS3 came standard with next gen media drive that could actually hold the data necessary for HD gaming without compressing everything to hell and back. And also could play movies OOB without any additional accessories.
PS3 came standard with controllers that had rechargeable batteries, and could connect more than 4 controllers without any additional adapters.
PS3 came standard with WiFi, and had online play that didn't make the player pay for P2P gaming.
PS3 came standard with Bluetooth so you could connect any old bluetooth headset and have it work.
PS3 came standard with an array of flash media slots so you didn't have to buy proprietary memory cards.
PS3 came standard with an HDMI port while the best the competition had was component video.
The price was obviously a problem and made it unfriendly to consumers. But the reason for the price tag was due to it trying to cram all of these amazing things into the console that was very consumer friendly in the long run. And I'd argue that the 360 was just as expensive, if not more, they just did a better job of tricking consumers by hiding the cost at point of purchase.
The other reason the PS3 struggled was the unique chip architecture was difficult to develop for initially, and that combined with the increased development demands for HD gaming in general led to a really tough learning curve for a lot of developers.
Contrast that with the PS5 and it's an entirely different tale. Which is still an amazing console. But the lack of games has more to do with Arrogant Sony deciding to force all of their internal studios to put the cart before the horse and have them develop live-service games that nobody asked for, took forever to develop, was outside of the expertise of their teams, and all flopped.