There is one case for console exclusives I can think of.

Say a great singleplayer game, like Titanfall 3, or Hi-Fi Rush 2, is pitched. There’s a question from investors: “How will you monetize it?” Because even if it has a $60 price tag or higher, those ventures carry enough risk that they often want to have a strong profit margin on them; an opportunity for growth , not just capacity to make another sequel later. Hence, all the terrible efforts to make forever live service games.

With console exclusives, the clear answer is: This sells the console, which sells the other exclusives. And it means any forever-game people play, we get the 30% cut.

I would prefer it if studios answered with “We just want to make a great game!” or “Y’know what, $60 is enough!” But since we’re not getting those answers, exclusives seem like another approach.