Nothing stops me from moving my PC box to the living room, hook it up to the TV via HDMI, plug it in and attach a wireless keyboard and play with my Xbox pad. The only problem is games that rely on a proper mouse, but those are the minority in my library at least. I did play that way when I used a laptop for gaming quite often actually, but granted with my desktop setup I less likely will, but that's also because the wife tends to hog the telly
About cost of ownership (and I assume you mean financial but also IT skill requirements?), my PC is an off-the-shelf one because I was too lazy to build it myself. It for sure is more expensive in terms of hardware cost, but it gives me flexibility in replacing components, making it a much more long term investment (I have enough headroom now that should last me for at least 5 years until I feel I need to replace anything) - and with the games being usable since it remains the same platform (I'm not talking about DOS games here, stuff I bought in 2010 will work now unless some devilish DRM is involved, and I try to avoid those anyways). So my library will remain intact and will just grow bigger without having to keep older hardware that might eventually fail on me, and that's that (my PSP for example can only be played plugged in now, as the battery is finished, and I can't buy a proper replacement as the hardware is too old now).
Setting the PC up was a doddle, certainly no more difficult than doing so with a console now. The additional stuff is of course installing Steam, TrackIR etc. but again, I wouldn't expect this to be a challenge in this day and age for anyone other than complete technophobes who still use a landline phone. If I were to ask my Dad to set up my PS3 from scratch, he would struggle as much with that.
What I used to love about consoles was their simplicity - you put a cartridge in, switch it on, and bam, you are in the title screen. Now, if I want to play a game on my PS3, I may have to download a patch which takes forever, or a system update is required. So I'll look at a progress bar for a few dozen minutes before I can play the game. I'm exaggerating somewhat of course but this did happen to me several times in the past (MGS5 patch of 200MB took over an hour to download and install, and I have pretty decent BB hooked up to the PS3 via cable; uninstalling Gran Turismo 5 took
hours due to the ridiculous number of files it had installed, but that's more Polyphony's fault I guess).
And with the traditional consoles up to last gen (PS3), you bought a console for at least 5-6 years until a new one was announced. Now, every what... 2 years there's a new version, that plays the same game better than the base versions so either you deal with inferior performance/graphics or you replace the entire console you purchased in good faith at the beginning of the generation. It's basically splitting the user base, just like on PC. Before, you could expect a game to perform exactly the same on the console in question, for good or bad.
As for games being developed primarily for consoles, yes that is a problem (for PC players mostly), but thankfully most games I play were developed for PCs first and then ported to the consoles (such as Elite, or Assetto Corsa, or MSFS). A lot of AAA games that appear on consoles leave me cold these days, just a matter of changing tastes really, but you also have to admit that not all ran smoothly on consoles either - I think PS3 was the first generation where I really noticed some awful performance issues (below 30fps, sometimes even below 20) that in my experience of buying AAA titles on prior generations were unheard of. And there'd be nothing you could do about it.
Ok this has turned out to be a bit of a wall of text now, apologies for that - I also want to be clear that I'm not a console "hater" - they have their rightful place in the gaming space, although I wonder sometimes when streaming will make them obsolete (I'd welcome it even for environmental reasons) but they're just not what I used to consider a truly plug-and-play experience these days, as opposed to ye olde days of the 90s and early 00s. So for me personally I don't see any reason to buy into either of their ecosystems any longer, and as I said I had quite a few in the past (Mega Drive, Mega-CD, PS1, PS2, PS3, PSP, PSPgo, Vita). PC feels like a good place to be now without having to be an IT anorak.