Well we don’t even know the specs yet so any technological improvements are speculation. Either way I think it would be out of place for the console manufacturers not to release a new model after several years. Anyone buying a PS5 for the first time may be put off by a 3 year old console and prefer a newer model.
If it was a technological leap it would be a ps6, as it is the ps5 is an underwhelming console.
While I agree that there could be some unannounced leap it is entirely unlikely, more likely they will implement some form of DLSS. All the while graphics and FPS are not really a concern for ps5 owners, moreso the range of games.
Honestly I would be down for a $1500+ gaming console if it could perform close to a modern gaming PC. Not sure why they can’t offer levels/tiers of the console for people who have more disposable income.
Xbox tried it, tbh it was nice but cutting your market in half creates a knock on affect in your cost of supplies. It also affects the game production with some consoles having issues and others not.