That, to me, is why it’s accessible for more people: for $400 you get a machine that will get you 5-8 years worth of useful life. It’s a walled garden, but it’s a damn big walled garden. And you don’t have to worry about checking specifications, you don’t have to worry about shady sites for pirating your games, you don’t have to be annoyed by needing to upgrade one item to run a game. For an additional $60 you get a AAA title that should, in theory, work, plus you can pay for access to a huge backlog.
Now, that costs more than PC can for games, but in return you get convenience. For many people, that’s a good trade.
I grew up playing on a Tandy 1000, whose most notable feature was the huge amount of games that said “640k RAM required (Tandy: 768K)”.
I still remember a few DOS commands, even.