The problem with this reasoning is that it assumes the only thing you’re paying for is raw power. This is not true. You’re paying for a library of games, an online network and distribution platform, a pretty high-fidelity camera in the Xbox One’s case, and a wide array of features.
Ultimately, a console creates far more value by nailing those things than it does by outputting a higher resolution.
What exactly do you mean when you say it’s more of an MMO than an Elder Scrolls game. Could you elaborate?