Microsoft and Sony have been quite successful at curbing piracy on their last couple of systems. Jailbreaks for the PS4 and PS5 are few and far between, and have limited capabilities because they've never been able to escalate all the way to the root of trust. The Xbox One and Xbox Series have never been jailbroken in any meaningful sense. Early Switches were permanently compromised by a bootloader bug, but there hasn't been a jailbreak that works on systems with fixed bootloaders for over five years now.

Hacking consoles has become steadily more difficult and we're approaching the point where it's just not feasible - Microsoft is already there with the Xbox.

They are successfully competing with piracy, but not by being lower friction but by being more reliable and trustworthy.

Nintendo are highly focussed on a market where the person making the buying decision isn't the person playing the game.

Buy your 11-year-old son a Switch for Xmas and you know that a) it will work out of the box b) there will be a several family-friendly games with name recognition for any child that age (Mario, Pokemon, Zelda) and c) no one in his class will have a more expensive version or one that works better.

Contrast this with trying to get something to work on a PC with a 'switch emulator dongle'. You have to plug it in yourself, you will end up spending more than you planned in the computer store because each component comes with sucker upgrades, and game choices will be much wider and trickier. Then the game which looks great on your son's friend's machine will play like sh*t and you'll feel guilty for having cheaped out, without necessarily knowing what the operative constraint is.