You also need to remember that this generation is the closest to PC hardware that any console gen has been (followed by original Xbox and Dreamcast) and even so they are not off-the-shelf parts. Pretty much every other console used custom developed CPU and GPUs.
It is just simple maths. Consoles are closed systems, so piracy is negligible. Price per game is a lot higher. PC gamers are made up of a relatively small number of hardcore gamers which upgrade their boxes frequently and spend a lot of money on their rig, and pirates. You don't really get casual gamers on PC.
The majority of game sales are on console and it has propped up the gaming industry for many years. That is just simple fact. If consoles weren't around games publishers and developers would have shut up shop long ago.
That's NOT to say PC gaming doesn't have its place. I was born a PC gamer and i'll die a PC gamer, but I spend way more of my time gaming from my couch on my TV because that's where I prefer to play these days. The PC gaming community has a huge role to play, especially mods and suchlike which we will likely never see on consoles. But to say that that small community of PC gamers is propping up the industry as a whole is nonsense.