As a hardware platform gets older developers learn more and more tricks on how to fully take advantage of it.
At the beginning of the lifecycle they are taking advantage of easier things like the improved CPU and greater storage and RAM compared to previous consoles.
But by the end of the lifecycle they learn how to optimize more complex stuff like the intricacies of the graphics chip and sound.
As more games get made devs play those games and borrow ideas from each other with each iteration getting slightly better.
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