Content and quality go hand in hand; and form defines function. The restriction on content size is going to restrict the sort of games that will achieve reasonable quality. We can probably expect that most of the best games will be short, simple arcade experiences. Which is fine, just don't expect more.

I think you’re missing my point. Great games can exist on any hardware. But great hardware gives you no guarantee of great games.

Phantasy Star was made for the Master System. How can the speed of a CPU lock out a console from anything but a specific type of game?