One of the biggest advantages PCs have over consoles is their flexibility. You can game at any specs you want, tailoring your PC to your game. You can watch movies and TV shows. You can browse the internet. And we aren't even talking about using it for work yet.
Since consoles are aiming to eventually become like PCs, an all-around entertainment machine, Sony and Microsoft are bringing streaming platforms onto their upcoming consoles. There are going to be a plethora, including all the favorites: Netflix, Disney Plus, Twitch, YouTube, Apple TV, Hulu, Prime Video, and Peacock. They will even have other streaming services like Spotify (music/podcasts) and Crunchyroll (anime).
This is a big step towards becoming the all around entertainment machine. Additionally, I could definitely see consoles replacing smart TVs, as they are the same thing but with a large library of games as well. However, things like Amazon Fire Stick will probably stick around because the PS5 and Series X will be much more expensive at $500+.