Technically, exclusives used to be made to take advantage of hardware or capabilities not available on other platforms (plus, being funded directly by the hardware manufacturer).

These days there is no difference between a PlayStation or Xbox console and a PC (if there is a difference, someone more knowledgeable can let me know).

While Nintendo hasn't always been on point with their gimmicks (Wii U) at least they try to make bespoke hardware for new types of gaming experiences. At this point the Xbox and PlayStation are just more expensive Steam Decks. I doubt either manufacturer will get back to making hardware with a purpose because they're not even in the entertainment industry to make fun games.