Since the beginning, games have been limited by two major factors: our current hardware's potential and the developer's ability to work around its limitations and take it to the extreme. This allowed for surprising games that, from a technical perspective, seemed impossible during their time, and led to a constant evolution which has brought us to a point where photorealism is «a stone throw's away».
In this sense, gaming consoles have played a key role. I know that a lot of us prefer to play on PC, but consoles have been the driving force of the industry, so much so that they ended up causing a monopolization of development cycles. Gone are the days of exclusive PC games that truly took advantage of the platform's hardware, nowadays everything is centered around the main consoles of each generation, and this has very clear consequences.
Consoles have had very positive effects on the gaming world, but they have also had negative effects. Development cycles have grown considerably, something that, along with console-exclusive development, has diminished the use of cutting-edge PC hardware and slowed down the evolution of videogames in general.