Some video games are great. Video game culture is... not great. I think this guy is upset with the culture and companies in gaming rather than the games themselves. Surprised he didn't say anything about loot boxes.
He did say that many games are great on their own. But isn't it an inherent feature of console gaming itself, that young people need to invest tons of money to keep up with their peers, taking on the potential risk of the console's failure?
If you have (nearby) friends who play, and you're dealing with physical games; if you get a console around when they do, you can share newer games and reduce the risk of buying terrible games at full price. You'll probably buy some of the great games at full price so you can do multiplayer games though.
If you don't hang out with people who play, you can just buy a year late, and get the benefit of lower prices, more finished games, and a clear indication of what's cool and what isn't. You might miss out on online features/community, but that really depends.
Was it stupid to buy the 3DO for $700? Probably. But, it wasn't much more than the Neo Geo home console, and the games were probably cheaper?