Having friends in the industry is cool, lemme explain to you exactly why this happens.
So when a new console is released, nobody knows the specs or what it can do. So basically, a year to six months beforehand, console developers get their NDAs going with major developers, tell them what their console will be able to do and let them start developing - truly trusted developers like EA start building way ahead of time and fix the code down the road if need be - they desperately want to have some of the first titles, because its easy money.
In other words, developers have SIX MONTHS sometimes of knowing what they're working with to get a launch by release time. When have you ever heard of a great game dropping 6 months? never.
So basically, these guys are all still working on last gen. They double down on the old console because its smarter for the developers, more people have the console, it's better for everyone.
Then...the new console starts to get more popular. The studios move to next gen development, but that takes years. In 2 or 3 years, they might have an AMAZING title ready...right before the next console is about to be announced in year 4~5. Later developers end up producing later and the cycle repeats.