I can't predict what will happen, but after some thinking I'm really not feeling good about PS5 and the genre I'm active the most in: fighting games. Fighting game community events, in the before times, are for the most part weekly. You travel to your local event and bring a set up. A lag free monitor, the game, a stick/controller, and a system. You can fit the system in a back pack. It's nice, easy, and relatively pain free unless you're playing a retro game and have to bring a crt. But for the most part, there's little pain in bringing an FGC set up. PS5 complicates this. Not only are set ups limited due to space, PS5 doesn't even have two USB slots and I don't know a single arcade stick on the market that supports USB-C. While you can bring an adapter, how much extra lag will it create? Now you have to bring an adapter and fit room for a big ass system that's probably bigger than the monitor itself on limited space.

See how compact the PS4 is? At a fighting game tournament, you're going to have to have at least two PS5's on a single table. No bueno.
Between travel, an adapter, more room to fit the damn thing this isn't looking good for fighting games.
The only reason PS4 was the system of choice for the fgc last gen was because SFV (the main fgc game) was exclusive to it on consoles.
If Xbox has Street Fighter VI while I can't predict anything, it's going to look a looooot more appealing than dragging a PS5 around.
I'm imagining bringing a PS5 to a local event in New York City, on the goddamn subway. No bueno.