Any company that wants to release a premium game console basically needs to make an enormous investment that will probably not pay off for years. There are three major requirements for this process.

First, the company must develop gaming hardware. This is generally an expensive process - building anything physical is costly, time-consuming, and is a moving target because competitors aren't stopping either. The hardware must be manufactured and factories equipped and set up for mass production.

Second, they must develop software development tools for both themselves and for external developers to use in order to build games for that console. This requires a significant internal development team to build drivers and software interfaces. Beyond this, they likely need to develop their own flagship game (or more) to launch with the console. That generally costs at least $50 million for a AAA-fidelity game and at least two years of lead time to build alongside the hardware development.

Third, they must secure investment from third party developers to build games for that console. Using that $50 million price tag for a game, we'd need at least four or five additional games to launch with in order to entice players to buy in - no one buys a game console without games to play on it. If they want four launch titles to go along with the console launch, that requires at least $200 million in investment from others.

There are only a handful of companies in the world that have the kind of money, technology, and resources needed to make such a thing happen and some of them already have game consoles. The others look at the market, at the cost of entry just to compete (not necessarily even to pull ahead), at the expected returns on investment, and it's no surprise they choose to invest their money in other opportunities that seem more likely to bear fruit.

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