Yeah, at the very least it would result in a brutal deterioration of the value proposition of future Playstation hardware. The harsh truth is that a large majority of Playstation players would not consider moving to PC or Switch 2 as a viable alternative, and Sony knows that, and would price accordingly. We all saw what happened the last time they felt they were uncontested in the market when they unveiled the PS3 and its pricing, but this time there would not be a 360 to punish them for it.
There is not a world in which a hypothetical PS6 isn't at least 599 ( without the hardware to make up for it) if it doesn't have a direct competitor. And that would have its own domino effect on Switch and PC hardware pricing... what are you gonna do, go to the overpriced PS6? Pleaaaaase.