Realistically speaking, I think another aspect of it is due entirely to Xbox Game Pass Ultimate being usable across both PC and Console, in some cases, the same games even, and with PC parts being SOL due to miners/scalpers and Xboxes being the next closest thing, it's mostly a no-brainer to just chill on Xbox and play games that allow syncing between the two (
Play Anywhere games or games with cross-save functionality).
If it wasn't for miners and scalpers, I think PS5 would have coasted to another victory lap, with most Xbox players instead being on PCs given the increasing effort of MS to focus gameplay development on PC with Xbox support and many games being jointly available across both platforms for 1 cost. Heck, that was what the initial death-cries of the Xbox fanbase were due to MS shifting priorities towards PCs with Xbox Game Pass and Play Anywhere.
On the other end, it really doesn't help Sony that their exclusives are lacking, and they're reversing their stance of being the mostly uncensored console (from the PS2/PS3 era), trading places with MS on that front (MS kind of allows it now, when they used to be somewhat conservative in the OG/360 era; notably in JRPGs that both systems got). They made a bad bet that they could coast off MS' shift towards PC gaming with Xbox as a side-grade/gateway, and were caught off-guard by multiple events coinciding at once.