Sadly PC is a major threat it's just they don't see it yet (I used to be one of those "PC gaming is dying and will never threaten consoles" stans for many years but once I bought my PC I've come full circle). With Gaming PC's becoming more affordable every year (hell you can get a decent one for slightly more then what you'll pay for one of the new consoles that you can continually upgrade beyond the life of a console as long as you're case can support the upgrades (as well as your wallet)) and the major tech advancements only PC's are seeing (console gaming is far behind tech wise and will only continue to be) it's only a matter of time before Sony and Microsoft start shitting themselves due to their shitty practices (it won't happen anytime soon but it will happen). As you said the only issue is cheating but if all you're looking for is to play multiplayer games and you don't want the hassle stick to console, single player games are just as good if not better on PC (what with mods and what have you). We're honestly at the point where a console is just a severely hampered gaming PC with, at any given time, tech that's 1-2 years behind current PC's. I digress though, PC gaming isn't the subject here.
Honestly my only gripe has been why do they keep doing this shit? Storage tech keeps advancing and keeps going down in price, there's no call for using a smaller storage device just because you want to "eliminate load times" with a much faster version of what you can get on the open market (and as I said you will never eliminate load times, you can hide them with fancy UI elements and what have you but never fully eliminate them (current tech does not support this and won't until quantum computing becomes a thing)). While the current generation of gamers currently don't give a shit about this they will once they realize they can only have less than a handful of games on their console to play. Not all of them just play one BR/FPS, they play multiple and I don't foresee them being willing to constantly delete and re-download a game to play it and until all internet infrastructures support fiber speeds for an affordable price streaming games isn't exactly viable (something Stadia ran into and besides the lack of games is the major reason the idea flopped hard).
As someone who plays pretty much solo games only I just can't support this move (the only games I play that can be considered multiplayer are FFXIV and my mobile games, otherwise everything else is solo based). If fucks my ability to play multiple games at once without having to constantly uninstall and reinstall shit (it's the major factor behind why I bought a 2TB passport for my PS4). Then again I'm just a literal representation of the "old man shaking fist at sky" meme.
I now take my leave and thank you for attending my TED talk.