It's been a mix.
I feel like relative to the first couple years of PS4, this gen is similar.
Demon's Souls was incredible. Loved the heck out of God of War Ragnarok. Horizon was great. Astro's Playroom was amazing for what it is. Returnal is great. Elden Ring was incredible.
Last gen we had Bloodborne, which is my GOAT. So this gen might be slightly worse. Last gen already had a Naughty Dog game.
The part that sucks in my book is that there doesn't feel like much to look forward to. Naughty Dog's game is probably quite a ways out. Some of the new IPs that were exciting to look forward to last gen, don't feel like the sequels are as exciting to look forward to.
On paper, this feels like it should be a crazy generation. But everything feels so far out.