I don't know if I'm dogmatically positive, but I certainly don't see the PS5 so far being anything like the disaster PS3 launch. The basic PS Plus collection they make available on PS5 is pretty much stacked full of heavy hitters. Horizon and Demon's Souls were both pretty high polish, unmistakably AAA titles along with Ratchet & Clank (which, tbf, I've never played). I feel like there's quite a bit to play on the console, basically.
That being said, I take the point that some of the value propositions MS is starting to offer make everyone else look behind the times. It's not something that's bothered me much, but if I were buying my first console, with no emotional attachment to either company and no existing collection of games on previous gens, Xbox would be comfortably ahead due to gamepass.